This one is hot off the presses from Yahoo and has been confirmed by local media (ABC) in Los Angeles. So it looks like this will be wrapped up by Spring and the Trojans are headed for probation. The timing isn't great coming a day after they lost head coach Pete Carroll and three weeks before signing day.
After almost four years of investigation, the NCAA’s probe into the University of Southern California athletic program has reached a conclusion. Sources familiar with the investigation have told Yahoo! Sports that the NCAA’s Committee on Infractions will meet Feb. 19-21 to address what investigators uncovered at USC. According to typical NCAA procedures, if sanctions are necessary, they will be determined and then made public via a news conference within six to eight weeks of the February hearing.
The meeting will be the apex in the NCAA’s probe into USC’s athletic program, as it represents the first determination on whether sanctions should be leveled against the school. The determination on a hearing date also indicates USC has received a letter of allegations from the NCAA and that the school has responded in some way. According to NCAA procedures, schools informed of infractions have at least 90 days to respond. After the response period has expired, a case summary is completed and a date is set for the Committee on Infractions to meet and determine whether there is a basis for sanctioning.
Update
Here is another link that gets closer to the brass tacks of what is going to happen as far as sanctions go.
USC's significant self-imposed sanctions could be just the tip of the iceberg as the university tries to get in front of a hearing with the NCAA Committee on Infractions.