While many would like to see a harsher punishment, it's difficult to come up with one that won't be effectively punishing the current Baylor student athletes. As far as I understand, the athletes themselves did nothing wrong, if anything they are actually victims of these infractions (though given the program's success I doubt they feel cheated). This takes punishments such as win/championship forfeitures and banishment from future tournaments off the table IMO.
Suspension of guilty staff members (including Coach Mulkey) for the entire 2012-2013 regular season, in addition to the self-imposed penalties, I would support. If Baylor were to appeal, I'd cut that by 5 games or so if Coach Mulkey were to step up and publicly admit fault.
But with the women's game slowly catching up to the men in terms of profitability/marketability, the governing body is going to protect its commodities rising stars. Fact.