All of Oklahoma's rivals are having a field day on this one. As a Nebraska fan, I just have to say "it's about damn time." Oklahoma has historically been cheats, and now they get what is coming. The only reason this was done by the University was because the NCAA was getting close in their investigations of the school following the AP scandal (featuring the same car dealer) back in April; and the school is now frantically trying to play damage control - no way this was going to get swept under the rug.
The pay was reported on Bomar's 2005 return, which means certainly that Bomar was playing while recieving the money. This makes it possible, but unlikely, that the school would have to forfeit every game it played in last year. The biggest implication of this would be making both Colorado's and Nebraska's record 5-3, and since Nebraska won the head-to-head, making them the first Big XII Division champs not to play in the championship game. I hope this does NOT happen. Depending on how far this goes (rumors are it goes much much deeper than two players...) I can see the postseason results being overturned and OU giving up the Holiday Bowl trophy, though.
There is talk (all on OU rival message boards, of course) of the Death Penalty coming. I really doubt this...NCAA hasn't used the Death Penalty since SMU, despite more than one school being in similar situations since then.