The NCAA is on shaky ground with the Power 5. I wouldn't be surprised if this thing drags out for a year and then the penalties end up being no more severe (or marginally more so) than what the school self imposes.
Since Auburn lawyered up when the Cam Newton rumors got legs, the NCAA has consistently capitulated when it comes to major penalties for the big conferences. When the school doesn't roll over, it wins. There's just too much money at stake and the risk to the NCAA's continued "favor" with the major conference commissioners too great. Fan bases love to throw around "death penalty" and years of crippling recruiting limitations, but those days are gone.
In today's social media-driven world, with a cancel culture mentality, schools under suspicion will feel the impact in recruiting and ticket sales, regardless of what the NCAA does. In some ways, the investigation IS the new penalty. Can you imagine Alabama's investigation in today's social media world? It would have ended much worse - more player transfers, more recruiting challenges, more challenges hiring a proven coach. And Tennessee is feeling that now.