I remember the late 90's NCAA investigation into the payment of Michigan basketball players by a booster who was laundering money from a gambling operation.
It took maybe five years to investigate and line up all of the payments....Chris Webber was a big deal at the time and it got my attention. I remember Michigan setting its own penalty and withdrawing from tournament consideration in the early-mid 2000's.
I think the program received 3-4 years probation and loss of schollies...but it took a long time to settle out....sometimes these things do.
I suspect that UNC will get hit harder then Michigan did....since UNC had an organized academic fraud going on for a long period while Michigan only had players being paid by a booster for some years..... I do not recall there being any school involvement like at UNC.
One of the big issues was Ed Martin himself. He was under investigation for money laundering. He was using a select few Michigan bball recruits to cover up his illegal gambling operation at the Ford River Rouge plant. He was actually giving money to Webber when he was a middle schooler! It first came to light in 1996 when a Ford Explorer that had a recruit, Mateen Cleaves, flipped over coming home from a party. From then on, Michigan was in on the investigation of Martin.
The investigation included the FBI, IRS, and other agencies. Once they were involved, the NCAA used what it could from the case against Martin and accepted most of Michigan's self sanctions, while doubling their probation and post season ban. It took 6 years for Martin to be dealt with by the Feds and those 6 years were worse than any of the sanctions. The cloud over Michigan was thick and they had a hard time recruiting or even hiring a decent coach. Recruits were afraid that they would be hit hard by sanctions and avoided The Wolverines like the plague. Michigan had an 11 year NCAA tourney drought brought on by the cloud. Michigan State and Tom Izzo took advantage of the void Michigan left and built a great program in East Lansing, winning the NCAA championship in 2001 with Mateen Cleaves as the star player.
The time frame for Michigan was brought on by the investigation of Ed Martin. The NCAA was using their findings and would wait out the long run. That time frame killed Michigan basketball (as it should have). It could have been worse as Ed Martin died in 2003, before he could testify in Webber's trial. Who knows what other findings may have come out, as the Feds offered Webber a plea bargain once Martin passed.