Taking into account the actual cheating and also considering how UNC has attempted to cover it all up with lies, propaganda, and deceit, they need to be punished past, present, and future.
Past - vacate anything and everything that involved ineligible players.
Present - fine the living **** out of them by making them repay all the $'s they have been given from anything that was associated with the vacated games (tourney money, bowl money, TV money, etc., etc.). UNC takes out a full page ad in USA Today and the 5 largest in state newspaper publications apologizing to the student athletes that were wronged, the NCAA, the ACC, all other colleges they competed against, and the state of North Carolina.
Future - 5 years of post season bans so they can snivel and cry their *** off after the second year to get it reduced to 3. Massive and debilitating scholarship reductions for a period of at least 5 years. 10 year period where UNC pays an outside and independent firm (selected by the NCAA) to oversee and perform random unannounced audits of how their SA's and academics coexist.
I didn't include TV ban on the "future" because of TV contracts in place for conference games and the like. But the big reason to me for no TV ban is that the post season bans and scholly losses should ensure they suck out loud for a minimum of 6 years and I want to be able to watch them get hammered time and time and time again in the comfort of my den while I LOL.