Correct. Once Louisville responds to the notice (90 days) the NCAA has 60 days to release it's response including penalties if any. This won't wrap up until next Spring. They might even allow themselves a trip to the NCAA this year if they qualify.This is only the notice of allegations. No penalties will be given (yet).
After they notify them, then Louisville has 90 days to respond. Then probably take even longer to actually receive any other sanctions.
This thing is far from over.