If this was Sandusky running amok, and no trail of cover-up, PSU doesn't get punished. It's one man committing horrendous crimes as an employee. But this extended FAR beyond that. It was the top people in a university covering his ***. As I understand it, there's plenty of folks to blame outside the university, his wife, the police, DA, etc, etc, but the NCAA has no authority over them.
FWIW, I don't think the university will be hurt. They'll sell out their games even if they go 2-10. They'll be paying for 60 less scholarships. Alumni will probably line-up to contribute to cover the 60m fine. But the football program will struggle far beyond the next 4 years on the field.