The allegations stem from an investigation last December of a number of players accused of selling items and memorabilia.
Among other allegations, the NCAA claims Coach Jim Tressel knew of the potential violations and failed to report them.
In December, the NCAA suspended quarterback Terrelle Pryor, running back Dan Herron, receiver DeVier Posey, offensive lineman Mike Adams and defensive lineman Solomon Thomas for the first five games of the 2011 season for receiving improper benefits and allegedly selling athletic awards, apparel and/or equipment to the owner of a local tattoo parlor in 2009.
Investigation showed Tressel had been alerted to the potential violations in April 2010 but did not notify school administrators, the NCAA said.
Tressel, who admitted his actions in March, was suspended two games and fined $250,000.
The allegations are consistent with what was self-reported to the NCAA in March, OSU officials said, and there was no allegation of "lack of institutional control" or "failure to monitor."
Tressel could face severe sanctions if he is found to have lied; a number of coaches accused of lying to school officials or the NCAA have either resigned or have been fired.
Ray Liotta sues skin care company over use of likeness
NBC reportedly holds celebs hostage to Jimmy Fallon's show