The NCAA has been gutted. Enforcement will be up to conferences now, or the schools themselves. I simply see no need to harm the program any more than it has been harmed already.
Admittedly I need to read the full Alston decision, but at this point I think the challenge would be based on similar Sherman grounds, that in light of the self imposed penalties and changes made by UT, the NCAA would be violating the Rule of Reason test in demanding additional penalties, especially in light of Alston where compensation to athletes was in play. There are clear differences from Alston, and the direct coach-player transfers (thanks, Slingblade, for THAT) is clearly an issue in the NCAA's favor, but I just don't think the NCAA wants another Circuit and potentially SCOTUS case examining its Sherman status.
Great discussion, everyone!