Joe Paterno

The scandal that's been dominating sports and news networks alike culminated Wednesday with legendary Penn State football coach Joe Paterno and University President Graham Spanier being fired, The Associated Press reports.

Assistant coach Tom Bradley has been named the interim head football coach, while Executive Vice President and Provost Dr. Rodney A. Erickson will act as interim president of the University.

Earlier Wednesday, Paterno announced he would retire at the end of the season. "I am absolutely devastated by the developments in this case," the 84-year-old Paterno said in a statement. "I grieve for the children and their families, and I pray for their comfort and relief."

The scandal stems from charges that former defensive coach Jerry Sandusky — once Paterno's heir apparent -- sexually abused children.

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Paterno, head coach of the Nittany Lions since 1966, is being faulted for not doing enough to try to stop the alleged abuse. He's the winningest college coach of all time, with 409 victories.

"This is a tragedy. It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more," he said.

Sandusky is charged with 40 counts of sexual misconduct with eight boys, and is the founder of The Second Mile, a nonprofit organization that aims to help at-risk children. The 23-page report released by a grand jury Saturday explicitly alleges that Sandusky sexually assaulted boys he met through the charity — some as young as 10.

Amidst all the TV talk of the scandal, football analyst and former Penn State linebacker Matt Millen, got emotional while discussing it on SportsCenter Tuesday.