As of this morning he's out. So far the evidence points to the fact he knew of an eyewitness account of this pervert, along with his actions since 2002.
http://www.foxnews.com/us/2011/11/09/penn-states-joe-paterno-said-will-retire-at-end-season/He reported it to the school "authorities", but did nothing else. If that is true he could be in more legal trouble. If he knew this was going on for the last 11 years with this guy, and never told the police, he could be open for a ton of law suits. Not to mention Penn State is going to be writing checks for a long time because of their lack of action with this guy.
While it's a sad way for a guy as successful as Paterno to end his career, one has to ask what the hell was he thinking? He knew it was going on for years, had a chance to stop it, but looked the other way while kids were being violated for years. These guys are all in Penn States inner circle, so it's ridiculous to think they didn't know about this guy, along with what he was doing. It isn't like the guy was embezzling money, or even shaving points. Sexually messing with young boys is about as bad as it gets. Paterno is 84 years old. I hope this doesn't kill him.