Practice:

Practice still doesn't seem to have an effect on development. At least it did nothing to change red shirt freshmen numbers.  To test this function TCY was re-simmed at 0,10,20,40 practice time seasons.

A really quick comparison with the average of 5 reloads at 20 and 40 practice times was made, and there was no difference. The same was true for just 1 reload at both 0 and 10.  If practice was tied to development, these numbers should have dropped a bunch.  No difference could be seen on inseason development either.

However, practice time does have an effect on performance. Here are my win/loss for the four seasons:

0 practice = 1-10
10 practice = 3-8
20 practice = 7-5
40 practice = 7-5

This isn't a big sample size, but I'm convinced that it affects performance.
I never had a 1-10 or 3-8 season in all my previous studies with this team.

He also addressed the development advantage that we may have. I mean, someone might still be tempted to drop practice way down to get a jump on the AI. He fixed this by dropping the ranges of practice times used by the AI. Prior to patch, I think the range was 14-29. Post patch, its 8-23 in my dynasty. So, the range was dropped 6 points.
 

Penalties:

Last night I finished my first season post-patch B. I took a look at the top and bottom teams in my conference with penalties and practice time. At those extremes it proved to be strongly related.
Syracuse had the most penalties with 100 and practice time of 16. I was very close with 98 penalties and practiced time of 17. Temple was 3rd in penalties with practice of 18. The team with the least penalties was Rutgers and they had PT of 23.
This seems to be the first thing that practice time might influence.