Penn State football scandal will cost millions

http://money.cnn.com/2011/11/10/news/companies/penn_state_football_scandal/index.htm

Being a big college football fan I decided to find an article about the biggest story in sports, the Penn State Jerry Sandusky.  It isn't a pleasant subject but it needs to be addressed.  This article deals with more of the business side of the situation, going into detail of what it will cost the prestigious university.  The scandal stems from defensive coordinator Jerry Sandusky who is accused of molesting several young boys over a period of about 15 years.  The reason it hit the university so hard was that it was reported the University president and vice president were told of the situation and did nothing.  Controversy erupted when legendary coach Joe Paterno was fired for also doing nothing with the information he had.
This story teaches us that even the greatest of people can have a slip in judgment sometimes and act unethically.  Paterno could have gone to the police and should have but did not want to tarnish the Penn State reputation.  The result is much worse now since he did not act.  Last year, according to the article ranked second in football profit, only trailing the University of Texas.  The support of the community has always been their for Penn State as they would pack into the 106,000 capacity stadium.  Now ticket prices how dropped and sellers have stopped selling Penn State tickets.
This scandal can be a classic case of how a lapse in ethics leads to the demise of a great business or in this case football program.  Penn State relied heavily on the image of Paterno to attract sponsors and donors to the program.  Now that the image is tarnished Penn State will need to find new ways to fund their extensive program.  They have already felt the affects in recruiting as some players seem to be straying away from the university due to the scandal.
I think that it will take Penn State at least 5 years to rebound from this scandal and hiring a new coach will start it.  To me firing Paterno was the right decision due to the circumstances of this unethical situation.  Do you think it was the right move to fire the legendary coach, and will Penn State ever recover from this?