But could the players actually sue for fraud? The only way I'd see a lawsuit moving forward successfully is if the players signed a letter of intent which guarantees a year of scholarship money. Anything that happens before the signing is a strictly verbal commitment, which according to the NCAA, means absolutely nothing and leaves either side with no recourse should it be broken (which it often is.)
You can sue for anything you want, you just might not win. The thing is, the vast majority of civil lawsuits in the US never make it to trial, they either get dismissed, one side suffers a summary judgment, or, most likely, they're settled out of court. Any lawsuit that requires a private university to engage their high-priced lawyers is going to cost tens or hundreds of thousands of dollars to defend even if it settles out of court. In this case, a verdict at trial would likely hinge upon whether Lindenwood acted with intent to deceive the players to get them to come to the school. As soon as the case gets to the discovery phase, the plaintiffs would get access to every single email, note, letter, and meeting record regarding Lindenwood's men's hockey program. What might they find in there?
These players can't sign an NLI to a program that doesn't exist. But they can enroll in the school based on promises made to them, which are potentially in writing, at their own expense to play club hockey. If they relied on Lindenwood's promises and Lindenwood doesn't deliver, see my above paragraph.
Obviously it would be hard to fight for the players, but what I am implying is that the chances of the school conducting what you're saying is (or should be) very low. It's definitely possible and if it is does happen it shows that these faculty heads/administrators are way out of their depth and should resign immediately.
Knowing that you're not from the US, I don't expect you to understand just how dirty the business of NCAA revenue sports actually is and how disconnected it is from a university's faculty and main administration.
It could be viewed as an over promise to the players, and I understand that point of view. I'm sure they've at least been told it'll be an ACHA season in 21-22 with maybe an NCAA opponent or two sprinkled in. I would certainly be POed if it didn't happen and for these players to be misled, I've seen it happen to a handful of junior players with both colleges and other junior teams.
That said, I would be confident in betting about everything I have that either the fundraising goal is close to being met, or has been reached/surpassed already, for the AD to be speaking about it in the way that he is, and for players to be recruited. And this year with covid there would be advantages in waiting to make an official announcement even if the fundraising goal has been reached.
The fundraising goal has not been met. “We’re definitely moving down that path, but we have not announced anything publicly yet ...partly because we still have a fundraising goal we need to hit, that we’re working actively on right now,” said Brad Wachler, Lindenwood’s athletic director. “We’re in the quiet stages of that fundraising.”
Private Missouri college aiming to add Division I men's hockey within two years | The Rink Live
That they're in the "quiet stages" of the fundraising likely means that they're reaching out to bigger donors to cover it all or a sizable portion before going to the wider University donor base to pull in smaller amounts of money that add up to a large pile of money. Either way, the money isn't there. Right now, in my opinion, they're promising something to players they can't deliver on.