Absolutely an incestuous relationship, financially. Sort of the Good Old Boy Network hopped up on Meth! Sadly, the PSU grads I know, who were initially devastated, have turned this into just a Joe Paterno thing - totally putting to the side all the corruption. They are more concerned about the football team than the corruption that covered up all of the abuse.
It reminds me, in a way, of how many folks in Columbus reacted to Jim Tressel's less-than-forthright admissions in the tattoo scandal. He was considered a saintly man by many, and is even considered to be the fall guy for Gene Smith. Luckily for Smith, though, is that he has plausible deniability.