Let's say you punished a child by 1) grounding them for a week and 2) not letting them play in the game they have on the weekend. (Since these college students are still just young men, I don't think the analogy is all that strained.)
They serve out the grounding, but the game is cancelled. Would you consider the punishment to have been completed? If so, we'll just have to agree to disagree.
To me, part of the punishment would be having their friends get to take part in the game when they didn't, and either having to deal with not getting to enjoy the victory with them or having to deal with their team losing and the feeling of having them down by not being there.
For competitors, that's the real punishment -- not missing some practices during the week.