Yes, this is what I believe. I think it would have been much better for the University and definitely the athletic department if they had done just that. Unless a major donor was threatening to pull support if they didn't say something publicly, they should have just let a few media outlets run some stories and wait for the next news cycle. Some firm "no comments" at media days and not near as much is said. There would be plenty of public and press bad mouthing Ohio State over it. I'm pretty sure those same people are bad mouthing Ohio State now.
This thing has exponentially gotten worse every time Ohio State has collectively opened it's mouth. Do an investigation? Absolutely, there were serious questions to be answered, but do it internally and quietly. Suspend or fire the coach? Sure, if you have a cause to, but don't talk about until he's on his way out the door. I think a big portion of Ohio State's "black eye" is self inflected.
But that's just like, my opinion man.