My letter stated our team was now on probation for one year. It did not say anything about loss of scholarships or disqualification from postseason tournaments. Anybody know if that means my only penalties were to rep and prestige or what else I received in punishment not spelled out for me?

Many times, teams get probation without other penalties.  So you should be fine for recruiting, except that it may be more difficult,  and the NT

If that's what is says then that's all the penalty you got. Your infraction wasn't severe enough to warrent the stricter penalties. Don't screw up during probation though or they'll likely throw the book at you next time.

naughty boy!

I can tell you from experience (I just got off probation on one of my teams) that it will take a couple of years to get your team back where they were.  You will likely notice that your team prestige and your personal prestige both suck right now.  However, as other have said, if it did not say a post season ban, then you can still make one of the tourney's if you win.

Recruiting will be harder though, as you will have to bring your team prestige back up by winning games and completing seasons.  Your coaching prestige will also come back up by completing seasons.  While they are low, your recruiting will be harder.