Oh come on. Does the Catholic Church still exist? This was the work of the coaching staff not the football players. Why should they be punished? I say this is about right with regards to the punishment. Much worse than most receive for similiar circumstances.
The players there now are in a tough situation but they can, and should, go elsewhere if football is their primary reason for going there. Besides, with all your dear concern for these current players why aren't you unhappy they're punished by not being bowl game eligible?
The right punishment is for the program to be stopped, for current players who will be penalized regardless to move on, for the history not to be rewritten in a sweeping coverup.
I'd be curious to know what you think have been "similar circumstances".