You bring up a good point about the punishment being more severe...as in one bye week, and one week suspended...but...
If I were AD / Pres for a day at NM...this would be the time to lop him. Think about it...bye week to settle things down and turn them over to interim George Barlow or Darrell Dickey. That provides two weeks for the interim to "appear" to right the ship. If NM is going to win ANY games this year, it will be at home on 10/24 against the horrifically aweful Rebels, or on the beach 10/31 against the aweful Aztecs.
That all being said...again, let's say Locksley pulls off wins against UNLV & SDSU (somewhat likely)...moving them to a 2 & 6 record...it will be pretty hard to let him go without at least one or two more years as he is "righting the ship"!
Also...how much time until things really die down, and Lobonation forgives him for harrassing his AA (allegedly) and jacking his WR coach (allegedly). Hmmmm....