Kill the football program to punish whom: the coaches who are already gone - actually Sandusky has been gone for a decade? Or punish the President-he’s gone too. Not quite sure how punishing the students makes any sense at all.
The students, less the seniors who are on the football team deserve an open transfer. The football program is indirectly responsible, via Paterno, his minions, etc. for the current mess.
Like it or not, the current football team, (the entire current program) falls under collateral damage. They carry the brand, innocent and all and that is not a stigma that they can overcome, no matter what good intentions. Call it bad luck, whatever but a new start must be made. There is nothing that the current team can do, say or think that will change the perception. Hard, but there you are.