This is an instant analysis, so here is the bottom line:
The investigation did not buy the reasons given by the teacher for changing the grade from a C to an A. The independent investigators said that Bledsoe's grades were changed more frequently than those of other students. But the school board does not consider the report sufficient evidence of wrongdoing. Therefore, it seems extremely unlikely that the official transcript will be changed.
Without an official change in transcript, the NCAA would be outside their jurisdiction to examine the grade issue further. The Alabama school system, as explained here by contributor creature, will not allow the NCAA to assume jurisdiction over how they issue grades. The report contains insufficient evidence, especially considering the vested interests of the school system, to gainsay the teacher or the principal.
The transcript will not be changed. The NCAA, having no further authority over the matter since transcripts certified by school boards may not be challenged by the NCAA after certification, will take no action on this matter unless some other impropriety not related to the grade change is found.
Relax, enjoy your Friday, and pour out a libation to creature, who told us so. And get ready for some FOOOTBAAAAWWWW!
UPDATE: Statement from UK.