My understanding is that continuing status is far from the guarantee that tenure is, i.e. tenure is really revoked only in cases of felony convictions by faculty, etc., whereas continuing status "grants the expectation that faculty members will have continuing employment at the university, although it is not a guarantee. They still need to meet satisfactory performance levels for scholarship, citizenship and teaching."
At Utah: "Revocation of tenure may occur for cause. Adequate cause involves the moral turpitude, incompetence, or felony conviction of the faculty member in his/her professional capacities as a teacher, adviser, or researcher/scholar/creative person."