Based on

Movies like Rackety Rax (1932)

Gambler/racketeer "Knucks" McGloin takes note of just how much money and action (aside from the game itself) takes place around and about the annual Rose Bowl football game, and decides this is one sweet proposition and could be even sweeter if one had his own college and football game and had a large say beforehand as to the outcome of any game this team had. So he ups and creates his own college---Carnasie after his own neighborhood. His gangster rival. Gilatti, thinks this give McGloin a definite inside advantage and, if there is one thing a gambler can't abide, it is that someone has an inside advantage and they are not that someone. Gilatti gets himself a college football team. Education marches on.