Yeah no way they would pull and SMU "Death Penalty"... I was thinking more along the lines of restricting a scholarship for every year that they keep the name, or something dumb like that. But I agree with what you say, not a big deal to the other sports. What is encouraging is like you said, this used to be a big issue, and now you aren't hearing anything about it in the media. This is a good thing to me because the less that is out there nationally the more the NCAA can get away with not enforcing. Hopefully all this slides through without a hitch and the NCAA will just leave it alone. They may have even issued a self-imposed media blackout on this if I were them. The fact is no matter what happens if it becomes a story again it's bad for the NCAA. If they win and it's a story, they are the bad guys again. If they lose and it's a story, they are the bad guys again for making all the other teams like Illinois change. It would also again bring up the Fighting Irish no doubt, at a time when (hysterically to me under poor circumstances) more bad media attention is exactly what they don't need.
Best case scenario for everyone. This goes away quickly and quietly.