According to Columbus Dispatch, Tressel will not be fired/resign

http://www.dispatch.com/live/content/sports/stories/2011/03/08/0308-osu…

They're pretty unspecific as to what the "sanction" could be. 

In other news, a local radio reporter

http://twitter.com/#!/LoriSchmidt

has stated that the radio station has verified that Tressel knew of the scheme months before OSU claimed.

[edit] one last note - that reporter above tweeted that the source for all of this info is cam newton's brother, but took the tweet down like 20 seconds later.