Turns out that Tressel knew about the players selling awards back in April, and he didn't alert the University. His contract clearly states that he must notify the university of any violation or possible violation (his contract has "any" underlined).
I can't see him getting fired for this, but I guess it could lead to further NCAA punishment if they find out he knew about this much earlier and failed to report it. There is a press conference scheduled this evening with Tressel, the AD and university president .
http://sports.espn.go.com/ncf/news/story?id=6191585more details -
http://rivals.yahoo.com/ncaa/football/news?slug=ap-ohiost-tresseltrouble