Looks like the answer is no.
According to Michael David Smith of Fanhouse and Pro Football Talk, ESPN will no be suspending Holtz.
Instead, ESPN deemed Holtz's forced national TV apology during halftime of the Clemson/Georgia Tech game to be punishment enough. Frankly, I think just watching Clemson play was more than enough punishment, but here's what Lou said to what I'm sure was a capitvated (read: hungover) audience.
"I appreciate your understanding."
And I gotta tell you, that's fine with me. Specifically because if RichRod is the Hitler of college football, then who's the Il Duce? The Stalin? The Pol Pot?
Luckily, because ESPN doesn't deem it necessary to suspend old guys who habitually say ridiculous things, we might be able to get an answer for all of those.