Uncle Eric, I feel for you. Unfortunately, since the likes of Reggie Bush can just gallop off to the NFL (as can, for that matter, folks like Pete Carrol), those who remain - and their fans - will suffer.
I went through this with Michigan B-Ball and the Fab Five/Ed Martin. I don't think that it was unfair to punish the school, as the school made the hiring and recruiting decisions. Those sanctions (and the accompanying stain that hung over the program) sent us to the bottom of the Big 10 for 10+ years...only NOW are they back to anywhere near what they were back then. It sucked, but we deserved it. Which is not to say that the cheaters didn't deserve some sort of comeuppance, but I don't know how one does that. I mean, someone who has no issue with cheating and the potentially crippling sanctions that can come with that isn't going to lose much sleep over being persona-non-grata on campus. I guess the ultimate answer is be VERY careful when it comes to character in your coaches and athletes.
Think Terrell Pryor for a sec. During his recruiting, there were all sorts of red flags about his character that are only now showing (can anyone believe that with all that crap swirling around him wrt cars right now that he chooses to show up at the team meeting announcing Tressell is resigning in a new 350Z that's not registered to him? What a narcissistic dirtbag!!).
Think Jim Tressell for a sec. There were all sorts of things going on at Youngstown State (think "lack of institutional control") that foreshadowed exactly what's going on now at Ohio State.
Should the school pay the price for bringing these two into the program? As much as it sucks for those who remain on the team and the fans of the team, I have to say yes.
BTW - Thank GOD that Michigan and Rich Rodriguez lost out to OSU and Tressell when Pryor was being recruited. I have this thought that we wouldn't have been in the kind of fix OSU finds itself in now, but that would have been NOTHING but trouble. As an aside, it will be VERY interesting to see where he is in five years...I don't see him making it in the NFL as a QB, and he doesn't seem like a team-first guy to me who would be willing to switch positions. This whole mess is eventually going to explode largely because of him, and I don't see where he's going to have that OSU alumni network to fall back on as he staggers around the Arena B-League.