The NCAA committee on infractions will hold a teleconference at 3 p.m. EDT (or High Noon if you live in LA) regarding the penalties it will level on USC. Early reports indicate a two-year postseason ban and the loss of about 20 scholarships.
The Trojans wins from the years Reggie Bush was on the team could also be affected. But for Hokie fans asking if Virginia Tech is now the winner of the 2004 game against USC, the answer will depend entirely on semantics. If USC is forced to vacate its wins from the 2004 season, then the Hokies still count the loss while USC can't count the win. But if those wins are forfeited, then it's a change in the result -- on paper.
None of that matters. The Hokies lost the game, 24-13, and USC eventually won the national championship so I'm not about to count the game as a win regardless of what terminology the COI uses. I'm just glad the NCAA actually made itself useful for once instead of twiddling its thumbs with regards to major programs like it usually does.
UPDATE: USC is being forced to VACATE its wins from the 2005 Orange Bowl against Oklahoma and the 2005 season. Its game against Virginia Tech was unaffected. They still won, people. That fact wouldn't have changed no matter what the NCAA had said.