I expect their program is going to take a hit -- expect some existing players to depart and recruits will have to get past the new moniker "Ped State."
Before everything is said and done, I think Penn State will voluntarily suspend its football program for a couple of years—or be forced to do so by the NCAA. This is the worst scandal in the history of college football—far worse than the usual incidents of cheating. Given the magnitude of this scandal, it’s impossible to envision Penn State football being allowed to continue with business as usual, or simply forfeit a few scholarships, along with TV and bowl appearances.