Here's a review of the topic: http://library.la84.org/3ce/HighSchoolSportsParticipation.pd...
Notably, it starts out with "... research has time and again demonstrated a strong and positive correlation between high school sports participation and academic achievement. This basic, baseline finding holds for a wide variety of measures and on a whole range of data sets, methodological approaches, and social conditions."
"The crucial point for a general audience is that periodic updates, reviews, reappraisals and re-evaluations (Braddock 1981; Picou et al. 1985; Holland and Thomas 1987; and Marsh 1992) have, over the years, consistently and invariably yielded evidence concluding that there is a significant baseline correlation between high school sports participation and higher rates of academic achievement and aspiration for individual students... Even research that is critical of the sports/education nexus or that seeks to complicate and unpack this statistical association begins from this basic assumption and understanding."