If I told you I'd have to keel ya! Lol!
I think in some situations, its a matter of WHO u know.
Depends on the situation.
A bit of both. Who you know can get your foot in the door. What you know is what gets the rest of the way in.
While getting a college degree can open all sorts of avenues . . . You will get your biggest BREAK to use that new found knowledge by doing Co-Ops or interning. This is a two fold process for success . . . First and foremost, it SHOULD give "Experience" in your chosen field or profession . . . Second thing it can do (and although it is second, it is usually JUST as important) is help you to "Network".
By Networking I mean make connections and establish a rapport with some of the people that are already WORKING in your chosen field or profession. Not a simple "Let's be Facebook friends" either, but a real connection that you will have to work at . . . Just like any relationship. This is the "Who you KNOW" scenario, where a job "Opportunity" arises and they not only tell you, but get your resume to the right people. It could literally be the difference between your resume ending up in the trash can, or in front of the main hiring HR person so they can set up a "Face to Face" at which time you will have to "Sell yourself" as the right candidate.
So "Book Knowledge" MAY get you noticed but once you see 100's of applications with degrees, what separates you from all of that particular white noise, is Experience and Knowing someone who can help pull your resume out of the beige background.