If you can ignore all the sanctions - then there are no sanctions? So where's the ton of bricks falling on them?
Basically, USC appealed the scholarship reduction as a delay tactic and is continuing to operate under SOP until the appeal is decided. Most analysts believe that there is no chance that the scholarship reductions get peeled back. However, what USC accomplished was basically to offset the two parts of their penalty: scholarship reductions and bowl ban.
They still will likely have the same number of scholarship reductions, but they will go into effect next season when they are already done serving their bowl ban. That way, they will have a large number of Sophomores and RS FR in 2012 and Juniors/RS So in 2013 when they CAN actually get to a premier bowl rather than having the scholly reduction cause them to have a gap in talent after their bowl ban is over. I think it's smart, but I also think it's against the spirit of their punishment and I hope the NCAA hammers them further... don't see that happening, though.