I'm going to be a total homer here and post that the good news is I think the worst that happens is we lose Tiny.
I don't think this will put the program on any further probation, at least that's what happened in the Troy Smith/Ohio State case. Not sure how the past probation effects this though.
From what I found after a quick Google search, Smith took $500 from a Buckeye booster and was suspended two games, but Ohio State didn't receive any sanctions for it. If my Google searched sucked and I am wrong, let me know.
I don't think that is being a homer, I think that is probably the absolute worst thing that could happen. It'd be like putting oSu on probation for Dez Bryant rolling with Deion and hanging with the agent; what did the school have to do with it?
The ruination of college sports will come from agents and shoe companies, not the NCAA or boosters or otherwise. If a booster does something stupid and get's caught, the school goes on probation and an entire fanbase hates your guts [see Big Red guy], if an agent does something like this, the player gets suspended and the agent gets, well, nothing really.
Regarding the shoe companies, now that players are picking schools based on what "brand" a college is affiliated with [and whether said "brand" matches up to his AAU team], there is just waiting to be some issues.
If I were the NCAA, I'd try to fix by doing the following:
1. Mandate no more shoe money for a coach or sponsorships by specific brands.
2. Mandate that all gear used in any NCAA sport will be logo free.
3. Mandate that any player that plays on an AAU team that recieves money from a shoe company be disqualified from particpating in the NCAA.
4. Work with the NBA and NFL to figure out ways to punish agents, street agents and other hustlers who violate NCAA regulations.