There's really two different things to address here. The legal price that should and will be paid by Sandusky and anyone (living) who helped cover up what he did. That will be addressed first and foremost by the law. The NCAA sanctions are broader in scope than what the law will deal with. They focus on the problems at the institution in general and the environment that existed and that allowed these crimes to happen the way they did in the first place. More than that though the NCAA should be looking at the way that the alumni, students, and football players at Penn State have circled the wagons, rallied behind Coach Paterno before his death, and in general seemed to not understand that they weren't the victims in this case. When I saw this press conference that the players who are staying held I decided for myself that the NCAA had not done enough because these young men do not seem to grasp anything pertaining to this case beyond their school and their team. They called a press conference, they came and defiantly said they were going to hold their heads up high and keep the faith. They did what every single group of assembled Penn State folks have done since this started. They grabbed the cameras, pointed them at themselves, and played victim.
The program should have been shut down. The players should have been given a chance to play elsewhere if they liked or to earn a degree at Penn State if they didn't want to go anywhere else. The town, the people, the alumni all need an enormous hand to come slap them back into reality and deliver at least a mild concussion of perspective. Instead of becoming the institution that was held up so high and then fell so far in shame they're going to be the "Little Engine That Could" over the next four years as they compete without Bowl games and with fewer scholarships. Every success will be celebrated as a triumph over their persecution.
I don't know why I expected the NCAA to get it right and honestly I don't blame them. Not a lot of people I know had a clear idea what to do. I know this now though. I know that Penn State is broken morally and needed to hit the reset button.