Looking around the net, some say it will be the Pennsylvania taxpayer. Other believe tuition paying, and borrowing, parents and students will pay most of it. Another popular theory is that the athletic program is self-supporting and has the $60,000,000 to pay this, although that still leaves the question of who would have gotten $60,000,000 and won’t now have it.
I can think of some other ideas, such as lower employee pay, fewer scholarships and graduate student assistantships, higher student-faculty ratio, cheaper cafeteria food, deferred maintenance, and the endowment (although the last two just delay the ultimate payment).
I suppose that the final answer here may somewhat depend on the extent to which people will pay good money to see games of a soon-to-be less-than-good football team. And the immediate, today, July 23, 2012, answer may be that nobody knows yet. But before long, the Straight Dope should be available, and I’m wondering what it is. (And as a Pennsylvanian without any tie to Penn State, I’m hoping the answer isn’t the one in the first sentence.)