So, should she be tossed from the cheerleading squad or not?
My answer is "no" and "yes".  
"No," because she did not do anything (to my knowledge) that was   illegal.  She was a body for hire and there's nothing wrong with posing   nude for a magazine.  Now, I know some of my followers are saying, "As   old school as you are, you think it's okay?"Yep.  Nudity isn't new school.  Folks have been getting "bucket naked"   for entertainment way before magazines were printed.  From a moral   standpoint, I understand anyone who opposes the idea of someone showing   their blueprint to the world.  From a realistic standpoint, I don't   think it's up to any of us to judge what a person does 
in the proper venue.    She wasn't on a billboard or on the side of Highway 82 wearing  nothing  but a smile.  She was in an adult magazine where only people of  that  lifestyle will dare to peek.
Now, from another point of view, "yes," she should be booted from the   squad.  Simply because she's a distraction.  Despite the increased   attendance the cheerleaders will probably see (due to the recent   exposure of Taylor), it will more than likely cause the other   cheerleaders to resent her or feel awkward.
So, Taylor made her bed and now has to lie in it.  Nude.  She took the   money and now has to accept what comes with it.  I'm pretty sure she'll   be okay with whatever ultimately happens.  At least she got paid for  it.   I went to college with women who would strip for a Budweiser and  some  hot wings.  So, in comparing the two, it's hard to argue with  Taylor's  decision since she obviously doesn't care that people know.   She's  getting paid.  
Besides, I don't agree with actresses getting naked in movies and having   it called art while models in Playboy are called whores.  Playboy 
is not   a porno mag, it's a magazine with photos of nude women.  There is a   difference.  Besides, the same perverts who will drop $10 on a PB mag   are the same pervs who will drop $10 on that garbage of a movie,   "Monster's Ball," to see Halle Berry get busy with Billy Bob Thornton   (Why?  I haven't a clue).  So, I don't want to hear someone say Halle   screaming, "make me feel good" is art.Taylor has reportedly done Maxim and now Playboy.  Next could be a   Reality Show.  She wanted attention and now she has it.  They say bad   publicity is better than none at all.  I tend to agree with that   statement.  If you asked Taylor, then I'm sure she would, too.  As long   as her family has accepted her decision and explained the  ramifications,  then so be it.
What Taylor did was legal in the court of law, but it won't prevent her from being judged in the court of public opinion.