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Here's what's probably going to happen:
Rice goes to arbitration.  The arbitrator either reduces the lifetime ban to 6 games based on the Goodell memo, or 2 games based on the double jeopardy or promptness clauses of the CBA, or uses some other NFL precedent we don't know about (Arbitration is secret) and then Rice will be out looking for a job, as the decision by the Ravens to cut Rice will still stand.  He then signs with some other team, or no team will sign him and he is blacklisted.
Goodell then states that he disagrees with the arbitrator's decision, and he gets to blame the arbitrator for enforcing unpopular NFL policies and the CBA.  What is wrong with this picture is that Goodell is supposed to uphold the CBA and NFL policies.  It is his job.  If the lifetime ban is clearly contrary to the CBA and NFL arbitration precedent, then he isn't doing what is right.  Also, your point about caving to public pressure regarding employee discipline is very convincing.  If there is one thing you shouldn't cave to public pressure on, it may be that.
Thanks Doc for a good philosophy dispute.