Vacating wins/championships usually results from NCAA allegations of using ineligible players. The one "victory" for UNC in an otherwise harsher than expected NOA was that it did not contain any allegations that UNC used ineligible athletes. Having said that, I read a while back that the Committee on Infractions could still impose those types of penalties. It would be unusual though. Postseason bans, fines and scholarship reductions are far more likely IMO.
On another note, the most interesting thing from the Emmert comments was that he basically blamed UNC for the delay. Apparently the NCAA has been waiting on them for 6-7 months longer than UNC's initial estimate. It will be interesting to see if any new allegations follow whatever UNC ultimately reports following the investigation over that period. If they don't report anything significant after all this time, wouldn't they risk antagonizing the NCAA?
The timing of his comments was also interesting since many of the UNC Final Four articles now mention the academic scandal. Nice time to bring that back to the forefront.