Actually it's not that big of a punishment (unless they make the finals) - basically Canadian football (or any university level sport) only gets air on the community or public tv... thats it.
As for the fine - well that'll pretty much cover the cost of the field, broadcasting, and the officials...
Seriously in the long run the punishment will make next to no difference - it's the negative response from the alumni that'll burn them more than anything... basically the shame of dishonouring the team.
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University of Toronto Alum
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"Cave ab homine unius libri"
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