As one of those freaking out, you probably know all of this already.
We've seen the Orange win without Fab but it wasn't pretty. And we know from the last two games that they are a better team with Melo than without. I don't know if it's on the same level as losing Arinze Onuaku a few years back, but it might end up being a critical loss if we can't get him back soon...or ever.
So, what do we know?
While SU has not and cannot come out and say it, we can all be reasonably sure it's an academic issue. I think we're past squabbling over that at this point.
If that is the case, it's kinda silly to blame any academic advisor. Fab isn't exactly taking Pre-Med classes here. He has to hold up his end of the bargain.
Fab himself is keeping a low profile, emerging every few days on Twitter to say something extremely vague.
Rumors are swirling about appeals and multiple classes and a whole lot more. Right now, since no one official or journalism-y has come out and confirmed any of it, there's no point in assuming any or all of it is totally true. Remember, there was a 12 hours period where the point-shaving rumor sounded pretty legit last year (oddly-enough around this same time).
At the end of the day, all we can do is speculate until we know for sure. And that's bound to get us into trouble sooner or later...