This committee the Trustees set up to investigate is a fraud, as was the investigation of Michael Mann.
The intention is to run time off the clock and after the furor dies down announce that Graham Spanier has been vindicated by the committee's investigation.
Spanier has to go, and prison time should not be ruled out. He knew the rules, no excuse.
And while I can easily see why there would be an incentive for civil plaintiffs to take a monetary settlement, I hope at least one plaintiff has the inclination to take his suit to court. Discovery might perform a great service in terms of getting to the bottom of who knew what when, and what was done about it.