Some student athletes that do go to Penn State won't get scholarships now. It's bullcrap.
The result is the college having players that want to play, but aren't good enough to net a large scholarship. Instead, Penn State can only dish out scholarships per the subdivision limits from 25 to 15 per year. Since Penn State isn't the only college in the country, the star players will go somewhere else. So, Penn State will have a losing team of players that actually WANT to play the game but are attending the college for an education instead of just football... I know, unheard of.
As Emmert said, "We hope we would never, ever see anything of this magnitude or egregiousness again in our lives, but we do have to make sure that the cautionary tale of athletics overwhelming core values of the institution and losing sight of why we are really participating in these activities can occur. That's the balance that every university needs to strive for."
Unfortunately, with the cash cow that college football is, I feel this isn't the first time we'll see a college sweep things under the rug to keep the cash cow alive.
edit: I'm happy with some of the punishment the NCAA handed out, including going after Paterno the only way they could; by stripping him of victories. His entire legacy will have an asterisks next to it and the the civil suits haven't even started yet. The monetary amount is questionable, they are paying the new coach of ONE YEAR $950,000 a year, so I think 60 million is a drop in the bucket.