I'm not exactly sure this has become a "big deal." Granted there was no sports radio yesterday so it's hard to say how the New England sports conscience feels (and if we're obscessing), but I saw Sportscenter yesterday morning and just now, and the "homo" comment was never mentioned, let alone developed into its own segment.
A Shockey story was done this morning, but it wasn't a piece focused on his comments (although one of the talking heads on Sportscenter did mention a Bill Parcells controversey and that Shockey had previously "popped-off about gays" on the Howard Stern Show), it was focused on Shockey and whether or not his public fame was turning into infamy. The short segment covered his on the field showmanship, the incident where he threw something at a child in the stands, and a recent interview in Maxim (iirc segment ended 10 mins ago... I type slow) where he asked women to write him about their sexual fantasies, and don't forget to include a picture.
I think this latest comment just serves to push Shockey from becomming the "male Anna Kournikova" his handlers thought he could be (in terms of earnings potential through mainstream endorsements), and solidifies his image as just a major league a-hole.
And if Shockey is grabbing people's genitals in a pig-pile, then, well, I think somoeone ought to edumecate Jeremy about what exactly constitutes homosexual behavior.