That doesn't sound legit. Adults betting on college basketball? Maybe it's against some NCAA rules, but that wouldn't involve the FBI.
Read the title of this thread and was certain it explained how bad Brian Ferentz is at his job.
It would involve the FBI if there was suspicion of points shaving. And if players are betting on teams within the same athletic department, I could see them getting involved just to verify. Their involvement wouldn't automatically indicate guilt, just that there's questions being asked.