Mike assay is going to be great, but yes out of high school his times weren't elite just yet so he didn't get a scholarship, he just happened to be one of those diamonds in the rough, he will definitely get scholarship money for next year.
THis is how it works, its like jerry maguire said: "theres genius everywhere, but until they turn pro its like popcorn in the pan, some pop, some don't.."
Unless incoming freshman are already running close to 4 min for the mile and in the low 14s or better for 5k they will not get much or no money at all to good running programs.
giving money to someone who is running 15 min 5ks is not good business, because if they don't improve it will be a wasted scholarship, but if you offer these kids a spot on the team, they may improve and then you can give them money.
But giving scholarships to kids running around 4min, and low 14 5ks even if they don't improve, at least they will still be fast enough to make a decent impact.
Its all about risk management.