Honestly though, Miami essentially only got a slap on the wrist for the things that were being investigated...I'm surprised they weren't given a pretty harsh penalty before this season even started.
That said...RAMBLIN' WRECK!
http://ecocar.gatech.edu/wp-content/uploads/2010/11/buzz.jpg
"Thus far", they've only got a slap on the wrist and partially because the accuser is serving time in prison and the Penn State debacle made the accusation against the U appear juvenile. In my opinion, the investigation should have concluded and, as you've stated, a penalty should have been issued "before" the start of the season. With that said and now that Miami has self-imposed bowl bans for two consecutive seasons, what can the NCAA effectively do other than hurt them financially?