The more I think about this and read about it, the more I have absolutely no problem with it.
Bamba has known Love and been mentored by him since the 4th grade. As others have noted, that's a pre-existing relationship and Love can help the kid out financially.
Sounds like Bamba is trying to get some separation from a messed up family situation and Love is helping him do that.
The fact the mother and brother went down to Texas expecting to get taken care of and Bamba told them to go home and wait a year sounds to me like he was trying to do the right thing.
Love planning to hook Bamba up with a legitimate agent instead of some shyster his admitted petty criminal brother had lined up sounds like a good thing.
Sounds like a combination of jealousy cause he knows his little brother is about to be rich, resentment because he was planning to leech off of him for the rest of his life, racism cause he resents the fact it's a white dude that is mentoring his brother, a healthy dose of stupidity, and more than a touch of crazy.