Hypothesize for a moment that the "scandal" here is real, but in a limited sense: Trump's surrogates have not colluded with Russians, but have had “contacts,” and recognize their political liability, and lie about them. Investigators then leak the true details of these contacts, leaving the wild speculations to the media and the Internet. Trump is enough of a pig and a menace that it's easy to imagine doing this and not feeling terribly sorry that your leaks have been over-interpreted.

If that's the case, there are big dangers for the press. If we engage in Times-style gilding of every lily the leakers throw our way, and in doing so build up a fever of expectations for a bombshell reveal, but there turns out to be no conspiracy – Trump will be pre-inoculated against all criticism for the foreseeable future.