The NCAA has just released the four-year running APR numbers through the 2006-2007 seasons. Numbers for teams followed slightly (or more!) by this blog:
(Last year's report, FTR.)
A big dip from the basketball team worries. The APR's cutoff before sanctions are applied is 925, so they're flirting with penalties even before this year's Morris-Price-Udoh-Smith exodus is taken into account. It's likely Michigan dips into the danger zone next year, and they might stay there for a year or two. Apparently there's a waiver process via which you can avoid penalties if you have mitigating circumstances and a plan for improvement, -- that's how Purdue is dodging the axeman -- so Michigan may avoid actual scholarship losses.
Football also took a minor hit as the trouble that plagued Carr's final years starts to show. I think we'll see another dip next year, though not one so drastic as to threaten penalties, followed by a plateau that lasts two-ish years before Michigan starts to regain lost ground.
Scores in non-revenue sports were universally good. The lowest was the women's basketball team and their 955. Purdue is the only Big Ten team faced with penalties in a revenue sport; their basketball program fell short. (Indiana is going to get it next year, though. They got waivered despite having a score of 899 and now five guys are gone early*, many of them having left without academic eligibility. Just desserts for hiring such an obvious sleazeball.)
*(not mentioned in that link is NBA-bound Eric Gordon.)