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They currently are on probation with SACS. So is UNC btw. They were up for a review to change status but that is unlikely now. If they are dropped from accreditation that will make the NCAA death penalty seem like a slap on the wrist. Won't happen because Virginia is chair of the reviewing committee.
Link to SACS website/FAQ:
http://www.sacscoc.org/FAQsanswers.asp
Hey now, that sounds to me like the perfect way to kick them out of the ACC while the conference keeps its hands clean, officially.