It's happened. The NCAA's Playing Rules Oversight Panel has approved a revision of the taunting rule. Per ESPN.com's Chris Low:
Beginning in 2011, if a player is penalized for taunting an opponent on his way to a touchdown that play will be nullified. Currently, that would be a deal-ball foul and assessed on the ensuing kickoff.
But the new rule will make it a live-ball foul, meaning if a player holds the ball out in a taunting manner as he's crossing the goal line, does some type of somersault heading into the end zone or high steps his way into the end zone, the touchdown will be called back and the penalty will be assessed from the spot of the foul.
Since I've already made my case on this and know very, very few people that have more than minor differences in opinion with me on it, I'll just leave it at this: I take this as a slap in the face from an Association that I put a lot of money and energy into every year, an Association that seems more or less entirely out of touch with what 99% of its fans wanted it to do on this. Not to mention an Association that's entirely out of touch with the way the game is played now. Screw you, NCAA.