If Eta Chapter of Sigma Chi is to have their charter pulled for this, then maybe some other big fraternities on campus should have their charters pulled too(SAE, Phi Delt, KA, etc, etc.)
In other words, all these kids do stupid crap all the time, sometimes even deadly crap(SAE killing police officer a few years back).
Unfortunately for the Sigs, this is current screw up is in the area of very politically charged matters (ask UT about Title IX), and it will result in some punishment.
However, Eta Chapter is one of the oldest, largest, and most successful fraternities at Ole Miss, with a massive National Organization behind them......revoking their charter is way too extreme a penalty, and quite frankly will likely never happen.