As a college football fan I've always hated vacated titles and vacated wins as punishments, because they make utterly no sense. Littering the record book with asterisks is no way to go, because those games happened and we all saw it.
It's weird too to punish current players for the transgressions of coaches who are long gone or cripple a school competitively. Stuff like that just cheapens and undermines quality of play in a whole league, undermines fan interest for years. Unless there are recruiting violations, loss of scholarships penalties don't fit the crime.
Worst of all are postseason bans, because those penalize current and future players for stuff that happened two or more years ago.