If this report is correct, there is going to be a mountain of crap rolling downhill. The CO, OOD, CICWO, are pretty much toast. Depending on the exact circumstances the JOOD, XO, Ops Boss, and even some enlisted watchstanders may get tarred as well. If it is found that anyone was doing their job and reports were ignored then it will get worse for the involved individuals.
This is the way it is and it is that way for a reason. COs are given great responsibility, they are given the means (the ship & crew) to accomplish that responsibility, and they must be held accountable for any failures that are within their capacity to prevent. This was certainly preventable.
It's been longer than that for me, but it's the same. You have multiple watchstanders on the bridge and in CIC, and for none of them to detect and take action on a ship approaching on a collision course seems impossible. When a target of that size appears on radar and appears to be closing on your future position, all watchstanders need to be informed or reminded as they are your actual eyes at sea. If the OOD is hesitant as to the proper action to take, he needs to have the captain come to the bridge at once to take charge (those instructions are always in the night orders). With the redundancy available on the bridge and CIC to not protect the ship is dereliction of duty.