This appears to be the case based on this Dana O'Neil story I just saw on ESPN.com. The NCAA Committee on Infractions will release their report, where most of the allegations centered on Derrick Rose's academic eligibility and his brother's travel arrangements with the team.
To me, vacating wins is a completely useless exercise, as everyone who reads this blog remembers that season and the results of those games. (Unless the NCAA is going to use their press conference tomorrow to introduce a real life version of the mind-erasing technology used by the Men in Black.) Of course, the main actor in this story, Rose, isn't even with the program anymore. Neither is his coach, John Calipari, who moved onto Kentucky this year. (Calipari hasn't been a focus of the investigation.)
The real question is how this will impact the Memphis program in the future. As long as there are no postseason or scholarship penalties, there shouldn't be too much of an impact. That's a good thing for a Tiger program that will have to adjust to the new leadership of Josh Pastner and the roster and recruiting upheaval that followed Calipari's departure. Not that all that change will necessarily mean much in Conference USA.