It does open up a can of worms...kind of like "I have not been contacted by anyone at the university of "fill in the blank", about their head coaching job!" Meanwhile, his lawyer is running information between him and the school's "representative" so the coach can say that.
Who's to say that if School A loses a player to the NBA after a great run in the tourney and it's going to open up a scholly or a lot of PT that they didn't have for a player that wound up committing to his second choice? "Psst...coach wanted me to let you know that if you were to ever want out of your LOI with school B, school A would love to have you now!"