I think it's stupid and it's only a show for the media. There is no defense for what he did, but if you are going to cut ties with him then cut the ties. Records need to go. I've been to the PSU football museum. That is 90% Paterno. It has to go. The Paterno library and his various endowments also need to go. The school accepted a $100,000 donation from him after her was fired. Erase all indications of him and dontate every dime he has ever given to charity.
IMO, the only reminder of Paterno that should remain is the Peachy Paterno ice cream at the Creamery. That's only because the creamery is privately owned. Not that my opinion matter, but until they prove to me this is more than posturing I don't like it.