When is someone's privacy breached?

We have established in class that someone's private life becomes available for the press to print when they bear the label of a "public figure". University newspapers would certainly fall into the category of the press that should be bound by these standards. Once someone has been accused of a crime they cease to become a private citizen according to this code of ethics and can now be subjected to the scrutiny of th press and public. However, just because a person has been made a public figure does not mean that the press should have a field day exposing any rather embarrassing facts.
The Pennsylvania State University school newspaper, "The Daily Collegian", published a rather embarrassing story last week about one of their basketball players based totally on speculation. The story, Lion denies charges, features a picture of a basketball player accused a lewd behavior in the university library. The story goes into explicit detail, making use of several quotes to describe the supposed masturbation of basketball player Stanley Pringle. It does everything but come right out and say that Pringle is guilty of the charges he has yet to stand trial for. There is only one quote from the accused in the entire story. The paper even goes so far as to provide a pdf of the official criminal complaint.
The use of the player's picture, explicit detail, and clear accusation of the accused seems like a blatant breach of ethics, public figure or not. The Penn State newspaper is a publication that is potentially read by thousands and their disregard for Pringle's privacy should not be allowed to happen.