Their accreditation agency gave the University one year of probation, which is the first time I've heard of the academic folks even making a peep about an athletics thing. That's separate from the NCAA investigation.
The trouble with the accrediting bodies as a policeman in these situations (despite theoretically making much more sense than the NCAA in that role) is that they basically are forced into a death-penalty-or-nothing punishment structure. The only force they carry is the ability to yank federal student loan eligibility for a period of time, which would essentially shut down the entire University. That would never be appropriate for something like this, yet that's the only stick they really carry.
Isn't it also true that yanking accreditation would invalidate degrees from that institution?
Edit: looked it up and it's more of an informal thing. Since people know what UNC is, they might let it slide, but the real blow here would be the lack of funding. Having a degree from UNC might mean you have to prove what years you went there with transcripts and whatnot so they know you were during a time when it was accredited.
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