Ryan Brant, the former CEO of Take-Two Interactive Software (maker of popular video games such as “Grand Theft Auto”), has been sentenced to five years of probation for his role in overseeing the fraudulent backdating of stock options.

Mr. Brant pleaded guilty in back February. He had been facing up to four years in prison but received a lighter sentence in exchange for his cooperation with prosecutors.

Commentary: That loud whoosh that you heard when this sentence was imposed? It was the collective “phew” of relief being exhaled by hundreds of other executives from the dozens of others companies under scrutiny for improper and illegal stock option backdating. The precedent sent by this “probation” as opposed to actual prison time is encouraging for them. On a separate note…five years probation? Five years of meeting with probation officer with conversations like this:

Probation Officer: “Ryan, are you staying clean?”

Brant: “Yes, Sir.”

Probation Officer: “I don’t want to catch you doing any more of that stock option stuff any more…”

Brant: “No, Sir.”

Probation Officer: “And don’t be hanging around with that bad crowd of executives who falsify documents…and put down that pen – it’s not good for you.”