Let’s look at the term of the so called punishment:

• A $60 million fine. (For a program routinely generates revenue, not counting alumni donations in the $50 million dollar range).
• Vacating all victories since 1998, which means nothing except that Paterno is no longer the winningest coach in college football.
• A 4 year ban on bowl games.
• Loss of 20 scholarships for the next 4 years.
• Allowing players to transfer into other programs.

The biggest deal is the post season ban.  It reduces revenue, and makes recruiting of top level players all but impossible, so everything else is pretty much nothing.

Compare this to SMU, which had the temerity to conspire with boosters to pay its so-called “student athletes”, and had its football program shut down for a year, and their football program has never recovered.
http://www.latimes.com/sports/sportsnow/la-sp-sn-dufresne-ncaa-penn-state20120723,0,6729566.story