A new staff confirmation:
Maccabiah Games (I)
Date Issued: Oct 01, 2008
Type: Staff Interpretation
The membership services staff confirmed that the Maccabiah Games are an officially recognized national multisport event excepted from the NCAA Division I outside-competition regulations. However, institutions are not permitted to provide expenses for student-athletes to participate in the Maccabiah Games or any tryouts for the Maccabiah Games. Additionally, student-athletes may participate in a tryout for the Maccabiah Games during the academic year only to the extent that the tryout is self-financed and the tryout does not involve competition. [References: NCAA Division I Bylaws 14.7.1 (outside competition -- sports other than basketball), 14.7.2 (outside competition -- basketball), 14.7.3.1 (exceptions to outside competition regulations -- all sports), and 16.8.1.3 (expenses for competition -- other competition)]
If you saw this interp yesterday when it was first posted, it's been corrected by the NCAA, so that the second sentence now begins with "However" instead of "Therefore" which makes the whole thing make sense.