What I think the NCAA should do to UNC men's basketball (can't comment on their football or women's bball issues), in ascending order of penalization:
1. vacate all of the victories for all of the years during which the infractions took place
2. make UNC return all of the money it earned as a post-season participant in those years. Since those payouts are run through the conferences, that would also mean that the ACC must return any funds earned by UNC that it did not pay to UNC (assuming that some of those funds are used to cover conference expenses)
3. render UNC ineligible for post-season play for the next four seasons and do not permit them to receive a share of any monies paid to the ACC during that period.
4. render UNC ineligible to appear on TV for the next four years. If ESPN and other networks then want to re-negotiate downward their contracts with the ACC during that period, so be it. The ACC should suffer the consequences of not doing a better job of policing its institutions. As part of these contract re-negotiations, ESPN should stipulate that UNC will be responsible for all of Dick Vitale's medical expenses incurred as a result of his fits of apoplexy over not being able to televise any UNC games.
5. stipulate that, should UNC have any punishable violations over the next 15 years, it's men's bball program will be hit with the death penalty. It is lucky that this does not seem to be in the offing for this situation, which, since it was carried on for so many years, could clearly be viewed as more than one incident.
Do I expect any of this to occur? Possibly the first item on the list. But I seriously doubt that the NCAA will do anything that hits UNC where it counts - the pocketbook.