I frequent Operationsports.com and can tell you guys almost anything you want to know about it.
1. There are 10 colleges in the game, and UK (Duke and UNC as well) is not one of them. Arizona, KU, UL, UCLA, UCONN, Villanova, Michigan, Texas, Georgetown and Wisconsin are included. You play 3-4 college games and 3-4 HS games. Once your MyPlayer gets to the NBA I've even heard the first year is scripted and you only play certain games. You then get full control your 2nd year and Spike Lee's involvement ends there.
2. As far as my plans, I am going to start a MyLeague and make an all UK-Team. And guess what my friends? We can relocate teams now and while sadly Louisville is the only city in KY included...you do NOT have to have the team called the "Louisville" so and so's. So you can recreate the KY Colonels or the PRO KY Wildcats if you wish. There are tons of new cities you can move teams to, and you can change jerseys, arena design, etc. Nashville, Cincy, KC, St. Louis, Vegas, Seattle, etc, are a few of the new cities.
3. If you preordered the game at Gamestop you can actually go get it on Thursday night if your location does a midnight release. It is a rolling release...so you get it at 1200am EST, but 1100pm CST and so on.