Absolutely not, you get rid of the program for two years, it's going to take a decade to get it back. You're also shorting your athletic dept out of about $60M so it's going to affect every other sport too.
You clean house, bring in a completely new staff and you'll be shocked at how fast this will blow over. This is going to kill their recruiting for this year and probably next year, but Penn St is a top ten job in the coach. Even if no big name coach wants it now, there will be lots of coaches who do. These types of jobs don't come open very often, regardless of the circumstances. Some coach is going to see this as his chance to get an elite job, if he can survive the next two years, Penn St can be back to normal by year three.
PSU will take 20 years to fully recover from this. The civil damages alone will be in the $100s miilion. This issue is sickening!