Back to the topic at hand, U of L is in a tough spot for several reasons:
(1) Since this has been ruled as "impermissible benefits" (it doesn't matter the monetary value), those student athletes are ruled ineligible.
(2) Since the players are ruled ineligible, those games are now forfeit. Not fair, but consistent with prior rulings
(3) This could include the NCAA Title in 2013. While there's never been an NCAA Men's Basketball title vacated, there are several examples of Final Four banners being removed as well as titles in other sports. So this too is consistent with past rulings.
The linchpin above is
WHICH players are ineligible. That is really the only thing the Cards can fight over, IMO. But it also brings the question, is it worth it?
Also, working against the Cards favor:
(4) There is already an admission of wrongdoing, including the self-imposed penalties which were accepted as part of the total package.
(5) There are limited "future" penalties. There is no further post-season or monetary impact. Yes they have to pay back what was wrongfully gained (again, there is precedent here)... but they are not facing additional sanctions.
From a legal perspective:
(6) They would need to show damages from the NCAA ruling beyond what they self imposed
(7) They would need to show that those damages are unwarranted
(8) And/Or they would need to dispute the authority of the NCAA to impose the penalties
As for the last points, we need look no further than NCAA v. Tarkanian:
On a 5-4 vote, the high court said that the NCAA does not have to follow the same constitutional guidelines that cover government agencies in investigating violations of regulations. Because the NCAA is a private group, it may use its own enforcement methods and impose its own punishments, even if they do not provide coaches or colleges with full due process of the law, the court said.
The ruling was seen as a crucial victory for the organization, which enforces an elaborate code of rules on athlete recruiting and other facets of the 960 member-colleges' programs.
In Summary, we should be prepared for the worst. But even if the Banner comes down, so what. It impacts the record books, it impacts bragging rights, but we all know what happened. We saw it. We were there. Yes it may impact recruiting, but no more or less than the damage already done.
Maybe the University can negotiate a middle ground. That is not uncommon either. But IMO, this is going to be used to set precedent to bring the hammer down on UNC. Or maybe not... the NCAA is not always consistent either.