First, we quote from the 1946 NCAA Official Football Guide rules section , page 12...

"Holding is prohibited by the rules because it does not belong in the game of football. It is unfair play. It eliminates skill. The slowest man in the world could make a 40 yard run in every play if the rest of his teammates would hold their opponents long enough. The game is to advance the ball by strategy, skill and speed without holding your opponent.

Perhaps a good game could be invented, the object of which would be to advance the ball as far as possible with the assistance of holding your opponents, but it would not be football. It would probably become a team wrestling match and, unless drastic rules, rigidly enforced, prevented it, a free fight. If your coach cannot show you how to gain distance without holding your opponents, get another coach. It is fair to assume that he does not understand the strategy of the game....

You may meet players and even coaches who will tell you that it is all right to hold or otherwise violate the rules if you do not get caught. This is the code that obtains among sneak thieves and pickpockets. The crime in the code is getting caught.

The football code is different. The football player who intentionally violates a rule is guilty of unfair play and unsportsmanlike tactics and whether or not he escapes being penalized, he brings discredit to the name of the game, which it is his duty as a player to uphold."

--NCAA Rules Committee