Would you give your 17 year old 37,000 dollars?

My friends son just got a full-ride scholarship to Arizona State University for football. They were so happy that they transferred all of his college money to his personal account. They had been saving since he was born and it was a sum of 37,000 dollars. Now they make good money but 37 g's is a lot of money to anyone lol. The kid is already talking about buying a Camaro. What scares me is my son will probably be in the same situation in a few years. He's already (at age 10) been contacted by prestigious private high schools like Servite and Mater Dei (even sending scouts to his AAU games.) So my question is, what would you do with your kids college fund if they earned a full-ride? Would you invest it for them? Save it for after college? Keep it yourself (or for younger kids.) Or just give it to them?