Penn State Honors Paterno Contract

    FILE - In this Oct. 22, 2011 file photo, Penn State coach Joe Paterno stands on the field before his team's NCAA college football game against Northwestern, in Evanston, Ill.  Former Penn State coach Paterno has a treatable form of lung cancer, according to his son. Scott Paterno says in a statement provided to The Associated Press by a family representative that the 84-year-old Joe Paterno is undergoing treatment and that "his doctors are optimistic he will make a full recovery."   (AP Photo/Jim Prisching, File)

    Jim Prisching / AP Photo

    “Contracts are contracts” was all Karen Peetz, chair of Penn State’s board of trustees, could say a day after it was revealed that former head football coach Joe Paterno sought a fat deal for himself amid the growing Jerry Sandusky scandal. Peetz said the university will honor the deal, which now benefits Paterno’s estate. Talks around renewing the Nittany Lions coach’s contract were just beginning in January 2011 as JoePa testified before a grand jury about sex-abuse allegations against his former assistant coach. When settled, Paterno’s package for the year totaled $5.5 million, including bonuses and benefits.

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