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*Sigh* No they don't. by FL_Irish
They have:
A. Preferential admissions for student-athletes. Like, very preferential (although still requiring pretty decent academics given how high the standards for normal admissions are to start).
B. Need-based aid available regardless of athlete status that is so generous that it ends up benefiting significant numbers of student-athletes.
The stories of someone's neighbor's brother's cousin who makes $1 million a year but had their kid go to Princeton for free because he's so good at football are self-serving fabrications.
My wife coached in the Ivy League for a decade. I currently work in the Ivy League. My social circle is largely comprised of Ivy League coaches. The stories about stealth athletic scholarships are simply not how it works.