If he did what he was supposed to do, he shouldn't face disciplinary action for that one. That's basically what the president is doing by saying "time served." Basically had to give him a two week vacation.
The media flub is the ONLY thing he'd be able to be punished for, unless there's some other contractual stuff about the behavior of his subordinates or such. Unfortunately, it's the risk that put the university in danger that the flub caused, because McMurphy went all full retard on twitter and....well....I'm at work, LOL...
That being said, if the school president is giving him basically two weeks off (paid) and a slap on the wrist for the media flub (and he misses no time other than practice time), I think he's taking that deal.
Ain't no way they suspend him for an entire season. It'd be a full revolt if that happened, and he WOULD sue, I'd think.
I'd see that. Let Coach Day get practice in clubbin those baby seals.