The AP released a UConn proposal for self-imposed penalties that would take affect if the school is declared eligible for the 2013 NCAA tournament. The NCAA changed tournament eligibility requirements this fall and now require teams to possess a 4-year rolling APR of 900 or a 2-year APR of 930 to be tournament eligible. Currently the 2-year APR score in question would look at academics from the 2009-2010 and 2010-2011 school years, and UConn would not achieve the 2-year rolling score of 930 necessary for eligibility.
As of now, UConn is on pace for a score better than 930, should the NCAA decide to use the most recent APR data to determine eligibility for the 2013 tournament. The NCAA is currently considering allowing schools to use the more up-to-date data.
UPDATE: Borges has President Herbst's statement
UPDATE #2: The Courant has the full waiver request in PDF form