People shouldn’t confuse the federal investigation with anything the NCAA is going to do. Most likely the NCAA will start looking into things once the Feds have finished. Don’t forget that this investigation is being led by the US Attorney for the Soythern District of NY. Same office that goes after Wall Street crimes, the Gambino family, FIFA. They know how to follow a money trail better than just about anyone. And I would guess that they have told Emmert and his keystone kops to keep the heck out of the way until they are finished. Hence Emmert’s standing back and saying it is on the schools. Once everything is done there will be time enough for penalties and bans and all the rest.
And what the NCAA fears most of all. A call from CBS saying “We want to renegotiate our deal for the NCAA Tournament.” That will be the demise of Emmert if nothing else is first.