How are you going to take good quality action shots with a p&s camera? You have to figure for CCL he is going to be 25+ feet from the action, more like 50-100 if you are in the stands.
And you're not going to even begin to touch a decent action shot indoors from that distance for anything less than, I'd say, around 2k, in the SLR world. Outdoors, in daylight, it's a different story. The glass doesn't need to be nearly as fast, and high ISO is less of a concern. A 500 dollar lens and a 200 dollar body, and you can take some pretty decent shots. The only thing that comes into play then is practicality (70-200 might be a great lens for some action shots, but it's going to suck if you're at a presser...).
So you can spend a bunch of money on an SLR that's going to give you roughly the same shots as spending less money on a good point and shoot, as well as a few lenses to make it as practical, and then lug all that around, or go pick up an S90 or G11 and get all the same functionality in a smaller package for less money and live with having mediocre shots of the CCL action.
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Iowa State vs. George Mason (Diamond Head Classic)