I think this is proof that the idea that "the NCAA wants make a statement" or "the NCAA is going to hammer [school X]" is wrong. I think that after Penn State, the NCAA is very leery about "making statements."
The people making these decisions are at other schools themselves and they understand that any hammer they drop on any school could just as easily be dropped on them at some other time in the future. There is also a (fairly legitimate) concern that they don't want to punish current student-athletes for the mistakes of previous administrators.
I know the cases here are completely different, but this in no way makes me believe that Ole Miss "better buy a lot of KY." If anything, this makes me think that OM will skate as well. They may not get off scott free like North Carolina just did, but the idea that they are going to receive some punishment that's essentially worse than the death penalty is wrong, in my opinion.
That said, let me add my usual caveat of "I hope I'm wrong" and that OM ends up burned to the ground.