I think it's a bit harsh, considering there were other factors involved.
They were invited by residents of the campus, who then left the guys unattended. That's no excuse for the way they behaved - it's the same with the Roosters/Bulldogs scandal last year.
Women solicite themselves to these "footballers", give phone numbers, invite them back to their rooms, and then run to the media pretending to be the victim. It takes two to tango.
The girls who were not involved deserve an apology from the club, and the players, and sure a fine should be issued - but suspension of contract.. Players have done worse, in all codes.