“Stay classy, Penn!”
“Penn” is the University of Pennsylvania, Ivy League, in Philadelphia. At least, that’s what we, on the East Coast, call it.
Penn State is Penn State.
In the future it will be known as Ped State.
The others affected (won't use the word "victims") are today's players and students who will have to live with that moniker where ever they go. They will be tainted for many years and when they answer where they went to school a raised eyebrow will be seen on the questioner's face and they have to wonder what he is thinking.
Maybe they meant penn as in the State Pen which is just down the road from PSU.
BTW, the University of Pennsylvania is a private school for those not in the know.