I don't think you can do nothing and let Michigan play another game as if nothing ever happened.
Something needs to be done by Friday night. If not then, when?
First, I agree with you. "Someone" needs to do "something" to punish them. And it should be done before M*ch*gan can finish robbing the Big Ten of their championship game.
But, I'm going to explain the other side of the argument:
So, there are 8 entities that can keep M*ch*gan from getting into the playoffs.
1. M*ch*gan. They can come out and say that they were doing stuff they shouldn't have, and they are cooperating fully with investigators and have agreed to excuse themselves from post-season football. A true punishment can be determined at a later date, and would likely include the 2023 post-season ban.
2. Penn State. If Penn State beats them on the field, we likely don't care about what happens with other post-season stuff. I mean, they should still get pounded by punishments, but they won't be as urgent.
3. Purdue. Same thing.
4. Who else do they play? Maryland? Same thing.
5. Ohio State. If Ohio State beats them on the field, M*ch*gan can get away with it for another couple of months, for all I care.
6. The Big Ten. The Big Ten can say, "Hey! I won't let you rob my house!" And that'll be the end of that.
7. The NCAA. The NCAA can say, "Hey! We have power! You're in time out, Buddy!"
8. The playoff committee. The committee can say, "We want to show the world that we have integrity, and we don't want the team that wins our playoffs to have to vacate it. You aren't invited."
So... #1 isn't going to happen. M*ch*gan I'm sure feels that a vacated championship is only slightly worse than a real championship. M*ch*gan will get to sell shirts and videos and all kinds of boof stuff that says they won a championship - Big Ten championship, national championship, whatever.
I'm not convinced #2, #3, or #4 will happen.
#5 - who knows? I thought Ohio State was the better team the last couple of years. Now? Who knows? Can Ohio State figure out a way to neutralize the espionage? I mean, sure - they beat it in 2020 against Clemson, but that was 4+ weeks to prepare. I mean, this one is probably my favorite scenario, but I just can't tell, anymore.
#6 - this was the one I was hoping for. But I'm getting more and more pessimistic. The Big Ten should want to avoid a chance at a vacated championship. However, they're likely in a similar situation as M*ch*gan: a vacated championship is better than no championship. Personally, I disagree, but I'm not the one with millions of dollars to gain.
#7 - this one won't happen. Assuming it's right that M*ch*gan has 90 days to respond to any notice of allegations, that would put us to February 1 if they got the letter today, which they won't.
#8 - It's still possible, but with them being ranked #3 yesterday, it doesn't seem likely. Maybe they're just trolling M*ch*gan, though. Rank them #3, then #2, then #1, and then when they win the conference championship game, drop them down to #9, or something. Ha. Meh - we can't count on this.