The UNC-related internets rather exploded this afternoon with Dick Baddour's announcement that "representatives from the NCAA have been to Chapel Hill to speak with some of our student-athletes." Various reporting on Twitter and elsewhere seem to indicate that the investigation is mostly focused on Marvin Austin and Greg Little, and the questioning is centered on the possibility of agents paying players' rent. Austin and Little, of course, are critical players on this year's team.
This is one of those those stories that everyone wants information about now, and they won't be able to get it. UNC won't comment publicly, as the NCAA requires. Opposing team's fans will comment a lot. Also, expect plenty of jokes about UNC being a "real" football program now. Hyuk hyuk. If something illicit did happen, it's better to find out now than after the season; after Reggie Bush the NCAA will be cracking down on these sorts of thing pretty hard. Until people start issuing press releases however, expect there to be more rumors than fact.