The Rebels have accepted 14 out of the 21 violations the NCAA is trying to charge them with, but plan to contest others including 'Lack of Institutional Control.'
Colson says in a best case scenario, the NCAA would only take away some of the University's scholarship but it could get worse if the staffers decide to put the Rebels in a multi-year bowl ban.
"Players can transfer with a two year bowl ban," Colson explained. "They can basically go wherever they want without penalty. It would be open season on Ole Miss Players and, believe me, other schools would come around and pretty much pick them clean of players.
"It happened at Penn State a couple of years ago when they went through it," added Colson. "You can bounce back, but it's going to take a while if that's the case."
Colson says the NCAA could try to make an example out of Ole Miss, since the collegiate athletic ruling arm has had trouble with making charges stick in other cases such as North Carolina and Louisville.