I would like to see vacated wins, as previously said; wins that include the NC's. Recent FSU vacated wins is a good model to start with. Obviously, I'm biased, but I think USC should get at the very least what FSU got. That would be embarassing to USC, which is the best part. they can no longer boast about those NC's, and all the wins are tainted, even the 'legitimate' ones. Mike Garrett will 'retire'. The whole PTC program will be tainted with numerous, numerous arrests for various crimes by various players, culminated with vacated wins for various infractions. At that point even the allegations that cant be 'proved' would look suspicious.
I tend to agree about not punishing current players for past issues. However, there has to be some type of consequence to stop the university from captilizing on their infractions. Recruits, especially this year, knew full well what could possibly happen to USC in the near future. It would be their own fault for getting trapped at USC.
Vacated wins.
Embarassment.
2 (maybe3?) year bowl ban.
They can keep all the schollys and even play on TV(locally, not nationally - no saturday night, espn, etc for USC), Reggie can keep his tainted Heisman too. But vacated wins, and no post season play for 2, 3? years. That would discourage recruits for 1-2 years, and put a hiccup in their program; rather than a full death penalty-type of sanction.