Jocks are hierarchy at certain schools where the sport(s) programs excel, as name recognition brings in $$$ for the school from 'Boosters' and well-off Alumni of said school. If the school's team(s) compete successfully on a state level, they will receive more publicity and name-recognition. Colleges do the same thing, just on a bigger scale, since their recruits come from a much wider talent pool (the entire country) as opposed to High Schools (just the school district). Technically, these are public institutions (mostly), but there is still money to be made on Sports Programs at whatever level, often millions of dollars. Private Schools, if they are big enough, also join in on the money train.
So being a 'Jock' in such high-powered schools draws extra perks and favored treatment by the administration, and that's the model that Bullworth draws from, placing the Jocks at the top of the social heap, just like the big schools do (and even smaller one do also).....But it is here the similarities end as far as Bullworth Academy goes. All we see of any team's prominence at the school is some old pennants in the Clubhouse, no actual games are ever played, and no other sports are even mentioned. In order to show actual competition, another set of characters from the outside world would have to be brought into the place to play. Added to that fact is that the Bullworth Jocks do not even have enough players to comprise a full US Football Team (11 players), let alone a bench.
The only instance of extra Football players is in the Defender of the Castle mission, where they just keep on spawning. What I don't get is why there wasn't at least a "Game Night Mission", where an opposing team could at least be shown in a cutscene, or there could be a 'Homecoming', complete with crowning a King (Ted) and Queen (Mandy). Instead, they gloss over the whole thing and everything is presumed to happen 'off-screen'.
Preps should have a higher standing in the game, due to the money, power, and Influence thing (and after all, Bullworth is a private Prep school, is it not ?), but the one telling thing here is the statue at the fountain is NOT the statue of the Founder or a benefactor, rather that of an unknown Player.
And no, Class Presidents & Student Councils have no power to do jack shit as far as school policy or curriculum is concerned.