I do believe that is how the system works based on what I have seen posted by Rioters.
Here's a red post to confirm that reports alone only trigger a review; they do not equal punishment. Also, that false reports are thrown out.
A report flags a game for review. They do not establish guilt. The game is then reviewed for harassment, feeding, etc. This is why 'troll reporting' or 'gang reporting' do not work. False or inaccurate reports are thrown out.
Here's a red post to confirm that premade reports, as well as any additional reports for that matter, do not increase the likelihood of triggering a review.
It only takes a single report to trigger a game review. Additional reports or premades do not increase the likelihood of review.
While this isn't exactly what I stated, it's still the same concept. Premade reports have no extra power than a single report.
Now, if you had been punished and wish to discuss it here with the community, you can to post the chat logs you received if you wish. Though you don't have to, if you do, I or one of the other regulars here can go over them and point out what could have contributed to your punishment.
Lastly, as a side note, being honored has no effect on whether you will be punished or not. The honor system and punishment system are completely separate systems that operate independently of each other.