The Dispatch, citing sources close to the program, is reporting Ohio State will vacate wins from the 2010 season and place the program on probation for two years as part of self-imposed punishment in their response to the NCAA's Notice of Allegations.
Importantly, the school is not suggesting a loss of scholarships or any type of postseason ban.
The university submitted its response to the NCAA today, addressing allegations that then-coach Jim Tressel lied and allowed ineligible players to compete by failing to report that they had sold OSU-issued memorabilia to a tattoo-parlor owner.
Sources familiar with the university's response also told The Dispatch that Ohio State is admitting major violations of NCAA regulations, but says it should not face harsh punishment because no OSU official other than Tressel was aware of player violations.
This is pretty huge as I imagine most of us were bracing for something much worse. Of course, the NCAA could come back and say the punishment is not enough, but given athletic director Gene Smith's relationship with the organization and the close level of cooperation between the school and the NCAA, there's a chance that the two sides are somewhere in the vicinity of each other on the punishment side of things.
In somewhat related news, Jim Tressel's $250,000 fine has been waived, contradicting a statement from Smith last month that Tressel would still be on the hook for the fine.
UPDATE: Ohio State's response to the NCAA is online. Enjoy your PDF-filled weekend.