According to the Columbus (OH) Dispatch's blogsite Buckeye Extra the NCAA is going to slap a one year bowl ban on Ohio State. This would be for the 2012 season, Urban Meyer's first with the Buckeyes.
More when we know it.
1400 UPDATE: According to ESPN's Joe Schad, in addition to the bowl ban there is a scholarship hit, an increased probationary period, and a show-cause penalty for Jim Tressel.
The news release from the school is hyah...
Here's an interview with Still-Surprisingly-Employed AD Gene Smith