If this situation occurred today, the initial person making the complaint or reporting the molestations to the police would be immediately accused of being “homophobic”. He or she, regardless of the facts, would never get another job at a college or university again. Suspect horrors like this are still occurring and people are afraid to intervene.
Mike McQueary definitely paid a price for witnessing what Sandusky had done to that kid in the showers. The university basically ruined him. He eventually won a civil case, but not until after he lost his job, all employment prospects and his family. He probably wishes he had that moment back and beat Sandusky to a pulp, then called the cops himself.
Personal opinion: I think that the 'word was out' on Sandusky back in the late '70s. He ran one of the top-ranked defenses in the country, yet never got any serious job offers to be a head coach himself. In the early-80s Fran Ganter, the offensive coordinator, was the heir apparent (and PSU offenses were mediocre). If I'm right, then there were probably people within the NCAA fraternity that heard rumors... and didn't believe them enough to investigate. But it was enough to keep Sandusky from being hired.