Athletes bring both fame and money to a school (or in some cases, the corporate/state sponsor). You can argue that this shouldn't be the case, but it _is_ the case.
They might not deserve special treatment, but if you treat your athletes shoddily, they might just move somewhere else and bring all that fame and money with them.
To put it another way: 2 companies are offering me the same job. One has a higher salary and would treat me like a king. The other treats me like a common joe. Everything else is equal. Which company do you think I will work for? Do I "deserve" the higher salary and to be treated like a king? No, but I'd be stupid to turn it down.
Okay then, I'm quite good at playing video games. By that logic, I should be given a weekly budget to buy and play as many games as I want, as well as a free gaming computer complete with accessories, every other gaming platform available such as a DS, and a luxury chair to play them in.
Does that sound fair to you?
Americans do not hold video gamers in high respect. They do not being in fame and money.
In Korea, on the other hand, top-tier starcraft _do_ bring in fame and money. Result: they get corporate sponsoship and have women hanging off their arms.
So, yeah, if a society holds X with respect, then someone who is good at X will be given special treatment. X can be anything, not just sports or video games.