CORAL GABLES, Fla. -- The NCAA said Wednesday it has been investigating the relationship between a convicted Ponzi scheme artist and the University of Miami for five months, and the allegations -- if true -- show the need for "serious and fundamental change" in college sports.

"We were well aware of it and weren't surprised by the sensational media coverage. We've been on top of it for a while, gathering information and collecting data," NCAA president Mark Emmert said Wednesday in an interview with ESPN Radio's "Mike and Mike in the Morning."

Emmert said typical investigations take six to seven months to complete.