That's certainly one way to interpret it. It's not the only way, by any stretch.
It's not politically or legally expedient for the NCAA to just let Miami off with time served at this point. That's been a well-documented opinion by several takes I've read on the situation, and I agree with it. Since the process pretty much has to be followed, this NOA has to be issued, and it has to have teeth, given the extent of the investigation and the media attention on the case. Harsh language in the NOA does not directly signal that Miami would get hammered moving forward by the COI. Specifically, I'd be interested to read the NOAs for Boise, UCF, and Ohio State. Their penalties were all relatively light.
My opinion is that Donna's issuing this statement is a public shot across the bow of the NCAA. But it does not mean that she hasn't been given back-channel assurnaces that Miami will getting time-served, at the end of the formal process. As I mentioned earlier, a statement like this in the press by Miami gives the COI and *** Boy Emmert (I'd apply to have his name legally changed, if I could) the cover they need to throw Enforcement under the bus. Everyone knows that Enforcement was way off the reservation in this investigation, and who knows how many others? The head of the deparment has been fired, along with others. There's no one left on the Enforcement side to **** when they get bus-tossed and Miami gets times served.
There's blood on both sides. We've been muck-raked for over two years; NCAA has been severly undermined.
There's no reason for either side to pursue this further.