Definition: Point Shaving is the (highly illegal) act of purposefully holding down the score of a sporting event, in order to impact who will win bets against a point spread.
Players involved in a point shaving scheme might purposefully miss shots or create turnovers in an attempt to keep the final score within the desired margin.
The most infamous point shaving incident in college basketball history was the 1951 scandal that involved numerous players from then-national power City College of New York. The so-called CCNY scandal resulted in the arrests of dozens of players at several schools, including LIU, NYU, Kentucky, Bradley, Manhattan College and Toledo.
The CCNY Scandal got a major pop-culture shout-out in a 2004 episode of The Sopranos when Bobby Baccala credited a recently-deceased mob boss as the inventor of point-shaving.