"jock-oc-racy" or "jock-ocracy"
Literally: rule by the athletically gifted known as jocks. Jockocracies exist in many universities that cannot compete on academic merit alone. It is a (sad but true?) fact that winning the national championships for basketball or football creates a much larger one-year jump in enrollment than any other effort. Since winning the national championships attracts sports fans in particular, a vicious cycle often results, leading to more winning and even more jock enrollment.
An example of usage is in The Simpsons Episode #252: Lisa the Tree Hugger. The owner of the Thai restuarant hires Bart as a menu spammer so that he can make enough money to send his daughters to an Ivy League university rather than a state college under a jockocracy.
For an example of meaning may I recommend the film Revenge of the Nerds; note, in particular, the Dean's athletic bent.
In addition, jockocracy is often used in criticism of American society particularly by feminists like Gloria Steinem. For example, Dr. Mary Daly, a Women's Studies Professor at Boston College said: "We're living in hell, the horror of phallocracy, penocracy, jockocracy, cockocracy, call it whatever -- patriarchy." (emphasis added)