Disclaimer--I'm an Indiana fan, and I've always been big supporter of Bob Knight.
It's true--Coach Knight would certainly be getting rougher treatment from the press in the same situation--but I doubt he would of done something like this in the first place. I can't condemn Chaney too much though--he's always been a vocal supporter of Coach Knight, and up until now, has always seemed like a decent guy. I think a suspension is warranted--but he shouldn't be fired. Coach Knight was certainly dismissed for a lot less--but it was also unjustified IMO.
And Knight never used a sports speech to bash our noble President. Chaney can go rot in some pissant junior college for all I care.