"As for the NCAA investigation, because the AD appears directly involved and allegations (with no real evidence) have been made against a coach, there is justification for the NCAA to inquire in relation to institutional control. However, if there is basis for a penalty, I can't imagine anything that could satisfy the NCAA. They have a bunch of big egos if they think any NCAA penalty is of any consequence to the university in this situation given what it has and will continue to bare, publicly and financially."
This is striking the right chord. This situation is above the NCAA's paygrade.
Though they may decide to manufacture justification for taking action, it would represent a slippery slope. On something like this, the institution is answerable to the community/constituency it serves. Not to the NCAA.
It isn't about institutional control of an athletic institution, it's about institutional control of an ACADEMIC institution. As far as I know there is no parallel organization involving many/most colleges that can take this on. This isn't about certifiying courses of study.
That leaves it up to Penn State.
There is also the rather large issue of the role in sports at our colleges, in play here. The NCAA is also poorly equipped to address that.