If you recall, the NCAA listened patiently to USC's response to the NCAA's notice of allegations in a hearing in February. While the Friday verdict is just another step in the ultimate demise of USC's football superiority of 3-4 years ago, USC would have a chance to appeal the NCAA's punishment.
Please allow me to copy/paste some content from the ESPN article:
ESPN's "Outside the Lines" reported in May of 2008 that former basketball player O.J. Mayo accepted cash and gifts -- extra benefits -- from Rodney Guillory, who was connected to Bill Duffy Associates Sports Management. Moreover, Floyd was alleged to have provided a $1,000 cash payment to help steer Mayo to USC, according to a Yahoo! Sports report.Yes, if found guilty, and if the college football Gods deem it so, USC could have to forfeit their win against Michigan in the 2004 Rose Bowl. If so, would that 2004 team would receive a Rose Bowl trophy and rings? Does Michigan get credited with the win? Does Lloyd Carr get a huge BCS Rose Bowl victory against Pete Carroll?
USC already admitted wrongdoing with the basketball program and sanctioned itself, including a ban on postseason participation, a reduction of scholarships and vacating all of its wins from 2007-08.
But though USC chose to contest the allegation against the football program, its ultimate goal is to overcome the perception of a lack of institutional control, which could result in significant sanctions, including scholarship reductions, TV and postseason bans, recruiting restrictions and probation.
If USC is found guilty of major violations, the NCAA also could rule that the Trojans are "repeat violators." Per NCAA rules, "An institution shall be considered a 'repeat' violator if the Committee on Infractions finds that a major violation has occurred within five years of the starting date of a major penalty."
The athletic program was last sanctioned in August of 2001, so if football allegations concerning former Trojans running back Reggie Bush are found to be major violations, they would fall within that time frame.
The football program could be forced to forfeit victories from Bush's seasons there (2003-05) -- during which time the Trojans won a national championship and lost in the BCS title game against Texas.
The NCAA and Pacific-10 Conference investigators have tried to determine whether Bush and his parents took improper benefits, including an alleged rent-free residence provided by a sports marketer. Bush has not met with NCAA and Pac-10 investigators, and has repeatedly denied any wrongdoing.
If Bush is found retroactively ineligible, he could lose his 2005 Heisman Trophy.
If Bush loses his Heisman, does Vince Young get it? If USC loses their 2005 BCS title game, does Oklahoma automatically become the champion? I don't know if they treat it like the Olympics where the silver medalist is bumped up to gold if the gold medal winner cheated. Odds are, the BCS would have to make any decision regarding their bowls.