From the wording of that press release they originally sent out it sounded like the investigation wasn't even going to begin until the fall quarter. I believe the reasoning might have something to do with the fact that both the school officials and returning team members would be on campus then for them to interview. If that's the reason why, then it's a pretty stupid one. If the hazing were conducted by upperclassmen, as hazing typically is, then it would make little difference if everyone were on campus. Some of the offending parties would have already graduated and would not be returning. If it's a serious enough matter you drag people in right away to interview them.
More likely the school officials investigating the case didn't consider it worth interrupting their summer breaks.
At this time I haven't heard anything, but I have done a little (very little) internet searching and have uncovered two potential clues that this is nowhere near finished.
1. The team Twitter account hasn't had a single post since before the original press release, nor does it seem that players or coaches have talked about the issue on their own social media accounts. The university likely instructed them to remain silent under penalty of losing their jobs/enrollment at the school if the investigation were to be compromised. As with a jury trial there is usually a very tight lid at the beginning that loosens as details are leaked. We're in tight lid phase right now.
2. No baseball schedule. It is very common for UCD to not have released a schedule in September: usually this happens in December or later. What is uncommon is that apparently no school thus far (that I can tell) has released a baseball schedule that includes UCD as an opponent. This detail could be nothing. Maybe the actual opponents are among those who haven't released their schedules yet. But not even one ? That's suspicious.
If the D1 baseball site where coaches have a bulletin board for requesting opponents is to be believed, then it would appear that UCD was still actively seeeking at least two weekend series at the time the team was suspended. One of the posts even had an early July 2021 timestamp. Since the coaching staff is responsible for scheduling, and not the athletic dept, I seriousvly doubt anyone is working on it right now. And it's likely some teams they did schedule have bowed out or will cancel due to the uncertainty.
I haven't seen anything yet that strongly suggests the program will be eliminated, but it looks more and more like there won't be a 2022 season. The biggest reason is the lack of time to prepare. They can't hold the full team practice schedule in the winter, even if the NCAA allowed it, due to the colder temperatures and wetter weather. That's just asking for more injuries.
Even if they made it to opening day unscathed the team would be so under-prepared that even the weakest opponents would slaughter them. For one thing, getting stretched out to be a starting pitcher or even a multi-inning reliever is a longer process. You're not getting that done in a few weeks. They can't use a bunch of 1-2 inning pitchers to cover the whole game like the Giants have often done of late. San Francisco can claim players off waivers or summon reinforcements from the minor leagues-can't do that in college baseball.
I have to wonder if they even would have enough players to fill a roster at this point. At least ten players graduated in 2021. In addition the Carrell (sp ?)brothers are gone. UCD baseball typically does not announce signing classes that are as large as other D-I universities', which could be a reflection of both the more stringent entrance requirements and the reduced year-to-year turnover (fewer two-year transfers in other words).
And now we know at least 1 member of the class that was to replace the graduates has already de-committed (Luke Carrell). The summer is also a time when some uncommited players can find their ways to UCD, but that activity has been stopped because of the suspension.
So what do you do if the team is cleared this month and you need at least 6-10 more players in a hurry ? Hold campus try-outs ? Do you really want to see what will happen when all the players who wouldn't have made the team under normal circumstances suddenly do ? At most you'd likely only find 1-2 keepers.