I think Stewart Mandel's reaction gets it just right.
Don't be surprised if the committee adds to the school's own self-imposed punishment (it usually does), but don't expect anything major, either. Maybe another year's probation. Maybe a couple of docked scholarships, which the school apparently deemed unwarranted based on past precedent. The USC/Reggie Bush scandal, this is not.
Since the Detroit Free Press first leveled accusations of excessive practice time last September, it's been tough to get too indignant over something any semi-aware follower of the sport understands takes place to some extent at most football-playing factories. It's a troubling but largely unavoidable reality of the sport that players are asked to put in far more time than the straight letter of the law allows, and that coaches constantly skirt the gray area surrounding such rules. If nothing else, Michigan's exhaustive investigation shows just how dependant programs are on compliance departments and other administrators to monitor said activities, and what a gargantuan headache it must be.