It may not be the greatest speech in film history, but it's rare that a speech has so much truth in it that it actually changes culture.
The movie came out in 1994, but it predicted the future. "Five minutes from now..." Kevin Garnett and then Kobe Bryant were drafted to the NBA straight out of high school within the next five years. I'm convinced it's the reason David Stern changed the rule to require players meet a minimum age of 19 before being drafted to the league. Yet for nearly a decade there has already been many in the sports bubble who have called this the "greatest mistake Stern ever made". Because, sadly, despite the truth of Nolte's rant about everything being about "goddamn money", it's still that. Nothing has changed in the NCAA. There's been commission after commission with special investigations and reports, and every time, nothing changed. Finally things are changing, and how? The only change is that now everyone wants the money to change hands above the table instead of below. Pay the athletes for their likenesses. They were always getting paid, of course, they were just getting the short end of the stick. Culture hasn't changed, hasn't improved. We just stopped fighting. It's exactly like internet gambling.
So to me the speech is bigger than sports as a portent of a decline within American culture that came to be. We've gotten comfortable being the worst version of ourself.