A San Diego entrepreneur who struck it rich in the student-loan business is moving ahead with plans to start a six-team professional-football league for NFL rejects, according to the Sports Business Journal.

His idea: Tap into all the rabid college-football fans who don’t have much else to cheer for in the spring and summer by fielding teams to play in college stadiums that are otherwise dormant at that time of year.

The league, called the All American Football League, is set to debut in April. It has signed stadium leases with the University of Tennessee, the University of Florida, and municipal fields in Detroit and Little Rock, Ark. The colleges could gain as much as $3-million apiece from the lease arrangements.

Startup football leagues have never fared well, but indoor arena football has had success in recent years.

Another catch: Players must have college degrees. Lots of college-football players walk away from the classroom without their diplomas. But if this league flies, maybe more of them will go back to finish. —Brad Wolverton