With all the piling on going on here I feel like I should post some counterpoints, just for conversation sake. Being from Pennsylvania and having the local meia all over all of the unfortunate PSU situation and most of my friends being diehard PSU fans, I have a little different and closer view of all this.
First off, should they name the stadium after him? Ultimately, I think they should. Is it too early for it to happen? I think so. They should let the dust settle a little bit and see what the lay of the land looks like around 5 years from now.
Now as to why. First of all is Paterno the guy that should shoulder the blame? Did he do any of the crimes? No and no. Should he have been more proactive? Maybe, after hearing a lot about this, I'm not sure he could have, or that knew how to handle what was going on.
The grand jury report was that Mike McQuery went to Paterno with the information about Sandusky. Paterno had no first hand knowledge, so he went to his bosses and told them they had something that needed to be looked into. I've had this happen to me in business, a subordinate told me that another subordinate was doing something illegal (it was quite bad, not molestation kind of bad, but bad). Did I run into the office fire him right away and call the police? No, because I didn't have any evidence, I really only had what one guy was saying about another, so I did what Paterno did, I went to my superiors and told them we had a huge problem. Should he have pressed more, I think so, but he trusted that his superiors would do what was right and, in the end, he shouldn't have trusted them. Severe lack of judgement on his part, but that does not make him guilty? Weak maybe and unfit for dealing with that situation, but not guilty of any crime.
There was no way he had any idea how bad Sandusky was or how bad the situation would be handled. His superiors truly bungled everything. One of the men that Paterno reported to was in charge of the PSU police, the PSU police then bungled everything. Paterno is taking the brunt of the sour feelings; basically he was a guy that did what he could with some secondhand information. Add to that, every time that McQuery was interviewed about the incident his story was different, was he lying, no, but what did he really say? When the State Attorney General was investigating the incident McQuery told him that "horsing around" was going on. It's hard to get a real grasp of the situation. It was a failure of the system as a whole.
Ultimately I look at a guy like him, a guy who has a library named for him, because he paid for most of it. A guy who has spent his life trying to do things the right way and has been the most positive figure in PSU history and has done more for the university and it's students than any other individual. A guy like this, who has spent his countless hours for charity, doesn't strike me as a guy that would turn a blind eye to molestation. Really it just doesn't fit.
Long story short, I think it would be fitting if the stadium had his name, just not for a few years. This doesn't lessen the pain of the victims in any way, but to place blame on Paterno for anything other than showing a lack of judgement on trusting the people that ran PSU is a little misguided. I really don't want to minimize the level of how awful what happened was, but when I step back and look at the spot Paterno was in, it really was a sopt where he couldn't win. Any action was not going to stand up to scrutiny.