What should NCAA do to Penn State?

[Honus]

I wonder what sort of authority the NCAA has to punish Penn State for the Sandusky/Paterno debacle. This is not the usual sort of thing that gets athletic programs in trouble, thank God. Do their rules provide for a penalty in this situation? If so, the penalty should be severe. If not, then they need to look at their rules.

If this had to happen, I'm glad it happened at Penn State. If it can happen there, it can happen just about anywhere. This should be a major wake up call for the knuckleheads that are running big-time college athletics.