Holmoe said BYU should find out in the next few days what, if any, penalties will be handed down. Holmoe isn't saying how many players were involved in the investigation.
"I mean, we know the number," he said. "Most of them are very minor. There may be a few that escalate to a little bit of a higher [penalty]. We'll find that news out shortly."
Holmoe doesn't expect the penalties to be harsh, possibly a repayment of benefits and maybe a couple of suspensions. He says former director of football operations Duane Busby, who was rumored to be involved in the improper benefits was not fired because of the investigation. Holmoe said Busby resigned on his own. He also said the players are being educated on what they can and cannot do.
"These were not situations that were done blatantly," Holmoe said. "These were mistakes that were not known that they were violations until it was discovered."
As for the recent "Power 5" conference autonomy ruling, which basically deregulates college athletics funding and recruiting, BYU has been left out of the mix for now. But Holmoe plans on doing everything he can within reason to remain competitive with the big budget schools.
"Instead of chasing of what the Power 5 are doing, we're going to do what we do best, and that's compete as hard as we can with the proper funding," he said. "We will raise a lot of money. We'll raise whatever money we need to to do what we need to. But we're not going to keep up with the Joneses in every single area."
While Holmoe said he's still in contact with the Big 12 Conference, and Big 12 officials are aware of BYU's wishes, he wouldn't go as far as Bronco Mendenhall who said he would love to join the Big 12.
"Bronco's motive is that he's competitive," he said. "He wants his team to play the best teams possible, and you can only be there if you play those teams. As an independent, we're trying to play those games."
Holmoe added that BYU's series with Notre Dame is in jeopardy now that the Fighting Irish have an agreement with the ACC, but the Cougars did schedule a home-and-home series with Washington beginning in 2018.