The NCAA is probably hoping like hell that Penn State steps up and does some self-imposed sanctions and acknowledgment of how mumped up this is, so they can roll with that. PSU could come out and say that while these heinous sexual crimes by one individual are wholly unrelated to the football program, the incredibly poor handling of them are a result of football being the priority of the university for far too long, and as a result we're reducing scholarships by __, foregoing postseason, taking ourselves off TV for __ year(s), etc.
That'd probably appease everyone except the (legitimately and literally) butthurt victims, who will be suing the crap out of PSU.