It was recently reported that the release might be delayed, but the situation turned out to be much more serious.
According to Extra Points, EA Sports VP of Partnerships and Licensing, Sean O'Brien, sent a letter to university and conference licensing directors. It states that EA Sports College Basketball will not be released. The official reason is that some educational institutions accepted offers from competitors.
"Some universities have agreed to join NBA 2K from 2K Sports. As a result, the offer to include them in the college basketball game will have to be withdrawn. We are disappointed that we were unable to find a solution, but thank you for your support in trying to create an independent project involving NCAA Division 1 men's and women's teams, student-athletes and conferences. We appreciate your support."
The appeal was signed by Sean O'Brien himself.
Although EA Sports has not yet released an official statement, the cancellation of EA Sports College Basketball seems unavoidable.