As cliché as it sounds, you can either look at the glass as half-empty or half-full.
If you look at it as half-empty you would focus on the fact that there were no allegations on player ineligibility.
If you look at it as half-full you would focus on a report that was much tougher on UNC than what UNC fans were expecting. They got hit with impermissible benefits. Personally I didn’t think the NCAA would have the courage to go there. Football and men’s basketball were specifically called out in a manner that would appear to be difficult for the COI to sidestep. There were other Level 1 violations plus the LOIC for academic side of the house. The whole thing reads like the NCAA was out for blood, but ultimately decided that the eligibility issue was somewhere there couldn’t go without crossing a line that they didn’t want to cross.
Given the nature of the allegations it seems foolish to try and predict penalties, but here goes: I think UNC gets heavy fines, a lengthy probation, 1 year postseason bans for football and men’s basketball, and modest scholarship reductions for several sports (including football and men’s basketball). No wins or banners forfeited.
By the way, here is the NCAA bylaw that I referred to yesterday regarding eligibility issues associated with allegation #1:
16.01.1.1 Restitution for Receipt of Impermissible Benefits. For violations of Bylaw 16 in which the benefit is $100 or less, the eligibility of the student-athlete shall not be affected conditioned upon the student-athlete repaying the value of the benefit to a charity of his or her own choice. The student-athlete, however, shall remain ineligible from the time the institution has knowledge of the reciept of the impermissible benefit until the student-athlete repays the benefit. Violations of this bylaw remain institutional violations per Constitution 2.8.1, and documentation of the student-athlete's repayment shall be forwarded to the enforcement staff.
For violations of Bylaw 16 in which there is no monetary value to the benefit, violations shall be considered institutional violations per Constitution 2.8.1; however, such violations shall not affect the student-athlete's eligibility.
However, note that this N&O article states why UNC may not be completely in the clear yet on the question of eligibility
http://www.newsobserver.com/news/local/education/unc-scandal/article23233803.html