Citing the leadership of Georgia Tech point guard Mark Price, The Sporting News in its annual preseason poll picked the Yellow Jackets as the nation's No. 1 basketball team.

Following Georgia Tech in the poll were Michigan, North Carolina, Georgetown, Duke, Illinois, Notre Dame, Auburn, Louisville and Kansas.

Ranked behind the first 10 in the poll were Syracuse, Georgia, Navy, Oklahoma, Iowa, Louisiana State, Alabama-Birmingham, Maryland, Kentucky and Memphis State . . .

Former Texas Christian football star Kenneth Davis told Sports Illustrated that on his first recruiting visit in 1980 he was taken to a Fort Worth pizza restaurant named Mama's, owned by TCU booster Chris Farkas.

Davis said he was two slices into a 20-inch pizza when Farkas handed him something under the table that Davis put in his sock.

"I went to the bathroom to see what it was," Davis told the magazine. "I pulled my pants leg up, counted the money and there was $350. I had tears in my eyes. Coming from a family of 12 children, I'd never seen that much money before. I was on cloud nine. Before leaving the bathroom, I looked at myself in the mirror and said, 'I'm going to be a Horned Frog.' . . . "

Chris Washburn has been reinstated to the North Carolina State basketball team after completing his court-ordered community service in connection with charges stemming from the theft of a stereo. Washburn completed his 320 hours of community work and also made sufficient academic progress to return, according to Coach Jim Valvano . . .

George Washington University yesterday announced its 1985-86 basketball schedule under new Coach John Kuester. It includes games with Kansas, Michigan State and Stanford, in addition to its 18-game Atlantic-10 schedule.