There are two issues here. The accreditation issue (which was swept under the rug by SACS). The other issue is whether North Carolina violated NCAA rules regarding student athletes. I would have to think the NCAA does have some jurisdiction there. If they choose not to do anything about this, they are green-lighting this sort of behavior for every other school. The choice the NCAA has to make here is whether money is more important than integrity. And I think we all know where the NCAA stands when that is the choice.
It is important to recognize (and I think you do), that the NCAA has no authority at all over the accreditation issue. If SACS screws up, the NCAA has no power to review that screwup.
The NCAA certainly does have authority to determine if a school is violating NCAA rules. The question is: what rules are they violating? Can you point to a rule that says if a school gives all of its students the opportunity to earn a degree without undergoing anything in the way of academic rigor, i.e., it offers an endless smorgasbord of "Easy A" courses, then just which NCAA rule is it violating?
The current NCAA Constitution is here:
http://www.ncaapublications.com/productdownloads/D117.pdf.
I think this is the bedrock provision from which all other obligations spring:
1.3.2 Obligations of Member Institutions. [*] Legislation governing the conduct of intercollegiate athletics programs of member institutions shall apply to basic athletics issues such as admissions, financial aid, eligibility
and recruiting. Member institutions shall be obligated to apply and enforce this legislation, and the infractions process of the Association shall be applied to an institution when it fails to fulfill this obligation. (Revised: 7/31/14)
"Eligibility" looks like the only possible obligation. It is covered in Article 14 of the NCAA Constitution. These are the basic relevant portions:
14.01.2 Academic Status. To be eligible to represent an institution in intercollegiate athletics competition, a student-athlete shall be enrolled in at least a minimum full-time program of studies, be in good academic standing and maintain progress toward a baccalaureate or equivalent degree. (Revised: 5/29/08)
14.01.2.1 Good Academic Standing. To be eligible to represent an institution in intercollegiate athletics competition, a student-athlete shall be in good academic standing as determined by the academic authorities who determine the meaning of such phrases for all students of the institution, subject to controlling legislation of the conference(s) or similar association of which the institution is a member. (Revised: 5/29/08)
I read this to say that good academic standing is determined by the academic authorities and not by the NCAA. More simply, athletes must play by the same academic rules as all other students.
Look, I do not think this is open and shut and I do not like what UNC has done. But they do have a very real point: The NCAA was never designed to deal with a problem like this.