Short story is that no award will be given, a former winner to give the speech.
From ND's PR plant
Judge John T. Noonan Jr., the 1984 recipient of the Laetare Medal, has accepted an invitation to deliver an address in the spirit of the award at Notre Dame’s 164th University Commencement Ceremony on May 17. His speech will be in lieu of awarding the medal this year.
“In thinking about who could bring a compelling voice, a passion for dialogue, great intellectual stature, and a deep commitment to Catholic values to the speaking role of the Laetare Medalist – especially in these unusual circumstances – it quickly became clear that an ideal choice is Judge Noonan,” said Rev. John I. Jenkins, C.S.C., president of Notre Dame. “This commencement ceremony, more than anything else, is a celebration of our students and their families. Judge Noonan will join with President Obama and other speakers in that celebration, sending them from our campus and into the world with sound advice and affirmation.
“Since Judge Noonan is a previous winner of the Laetare Medal, we have decided, upon reflection, to not award the medal this year.”
Read more on Noonan here