From what I know (which, admittedly, is not much) the biggest issue is the player likeness stuff.
My take on it is that EA is hesitant to do anything NCAA related right now, and the reason NCAA Football is still up and running is because of money it makes. I think 2K wants to see the dust settle on the lawsuit, and then might make a move.
Again, from the small bits I know, developers/producers have been contemplating a game because of the large amount of success 2K has had with their NBA series (both critically and economically). March Madness makes a ton of money, and the trick is figuring out how to market a college basketball game and assimilating it with the tournament.
We'll see, but I'd bet a decent sum of money that we see someone give the game a shot (not next year, but the year after probably). This would leave time for the lawsuit to be sorted out, and to get the game established on next-gen hardware.