Absolutely they do. I don't know all of them off of the top of my head, but there have been multiple penalties for academics in the past few years. Akron just got a post season ban, for one.Do grades even matter anymore? They should but not sure they do. When is the last time we heard about a college “student athlete” being suspended for academic reasons? Bear in mind I don’t watch that dish rag known as espn.
They also matter a lot to the coaches at Montana, who receive fairly significant bonuses based on the team's GPA.