In my mind, they shouldn't touch a basketball court until the 2nd semester. I'd argue instead of basketball practice, they do the same amount of community service. Since teams practice 20 hours per week, they do 20 hours of community service per week.
What do you think is a good punishment?
Update: There are some sources now saying they stole from multiple stores. If true, I think the above isn't harsh enough. CBS says this, "It had initially be reported that the players were suspected of stealing sunglasses from a Louis Vuitton store. However, a source told Markazi that there is surveillance video showing them also possibly shoplifting items from two more stores in the same high-end shopping center that houses Louis Vuitton."
The LA Times Bill Plaschke is calling for a season-long suspension. "School authorities should say welcome home, and see you next season."