Shrinking a new t-shirt?

So I got a team t-shirt for my cross country team and it's way too big. We're all planning on wearing them tomorrow so I was going to wash it in super hot water and then dry it. My dad said that the dryer does all the shrinking so I don't need to wash it in the hot water. Is that true? He also said that if I wash it in hot water, then it will bleed the color all over everything else I wash it with. I know that when you wash new things in warm water that they bleed, like the red shirt and white underwear turning pink! So should I just waste a bunch of water and wash this thing by itself on the super hot water and then dry it? Should I continue to dry it after It's dried if it's still too big? Every t-shirt we get is too big and I've never found the right way to shrink them to my size! Thanks guys!