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While I agree that the it might be a "too late" situation, there is still a valid point to punishing the SCHOOL as it should be responsible for ensuring things like this don't happen. Not being able to appear in bowl games for two years is a big hit to the USC budget.
Not trying to defend the matter - just one point I was thinking of. Although I do find it ironic (as I mentioned elsewhere) that the coach and player at the time are both in the pros and immune to any of the punishment (although there is talk of possibly revoking Reggie's Heisman).
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