Pretty much standard any more.
I had some guys break into my shop, stole 30 titanium mountain bike frames and parts, I actually caught one of them riding one about two weeks later. He had a history of theft, he spent 21 days in jail and I lost 35K. Seems fair.
But this is somewhat different, the kid took stuff that was supposedly abandoned. Hopefully this will teach him a lesson, and I am sure he has lost some trust from his team mates. That will be the hardest part on him is my guess. Losing another's trust is hard. I am sure he has. I just hope he see's the light and learns from his actions (note, I did not say mistake). lol.
This will be a hard punishment for sure, especially for how close the team is all of the time.
Also, I had my own experience in Stealing. A friend and I were at the local drug store when we were kids and I took a pack of baseball cards and my friend bought two or three packs of them, when we got out of there we opened them and I found Bo Jackson's Rookie card in mine and My friend didn't get crap. Man he was mad at me. I kept this card on a shelf in my room in a hard plastic cover. One day it was gone and never got it back. My older brother, we'll just say hung with a bad crowd, was in and out of there all of the time so I knew where it went. But, from then on I learned that, that card really wasn't mine in the first place and it got taken from me because I took it from someone else. Karma I guess. Oh and my friend thought that was the funniest thing ever!!