How now Herschel?

Much attention has been given Herschel Walker's pending decision about whether or not to challenge the National Football League in court. Will he or won't he attempt to turn pro? Current NFL rules prevent a collegian from entering the league until his college class graduates, which in Walker's case, is two years from now.

The University of Georgia apparently expects to see him back in a Bulldog football uniform next season. The school has just mass-mailed a full-color poster of Walker that carries Georgia's 1982 football schedule.

Claude Felton, Georgia's sports information director, says the promotional material actually was printed before Walker's future intentions became such a hot topic. Still, Felton is confident that Walker likes where he is and will stay put. ''Herschel places a high value on education and I would really be surprised if he left,'' Felton said.

Of course, if there's a collegian more eminently qualified to jump to the pros, no one's found him. Twice a consensus All-America, Walker has utilized exceptional speed and power to rush for 3,507 yards in just two seasons.

The NFL rule that Walker might challenge restricts a player's freedom to enter his chosen profession. The regulation keeps the league on good terms with the colleges, which provide the NFL with a ready-made farm system. The only problem with this symbiosis is that it doesn't necessarily take into account the player's best interests. Just what Walker perceives his to be will determine his future actions.