Here's the problem with the death penalty as used in 1987: Who is going to pay for the schools who are scheduled to play Miami to find a replacement game on their schedule with one year notice? Miami has non-conference games vs. USF both years, Kansas State and vs. Notre Dame in Chicago next year, Florida and a TBA at Yankee Stadium in 2013. Who's going to refund ESPN, ABC, and the ACC for not having Miami-Florida State, Miami-Virginia Tech, Miami-BC in addition to the other NC games available to be aired? FSU-Miami games are half of ESPN's regular season top 10 rated college games.
College football on TV was a drop in the bucket in 1987 compared to now. They're not giving out the death penalty because the contracts involved are too big for an organization that makes 98% of their money from a men's basketball tournament that requires the continued involvement of the conferences that these contracts are with.
They'll hammer them down with 60-75 scholarships lost over 4-5 years, but the death penalty will be saved for DII and III programs that wouldn't threaten to sue for millions in lost revenue.