Just one point here - probation for a year is not quite a slap on the wrist - UNC during this year will need to prove that it has correct all the issues in the probation letter, and if it does not, the hammer could fall. Not likely, but it is not quite the one year penalty that is handed down by say the NCAA that is just a limited time suspension. During a probation period with an accrediting agency their are a number of hoops that have to be jumped through to lift the probation at the end of the term.
I do think pulling the accreditation of the school is probably a step too far, and I am not sure the agency has the authority to impose any serious conditions relative to athletics. It would be nice if the school itself made some drastic self disciplining moves, but they seem to be in denial.