This just out. Fox News, Penn State Accreditation At Risk
The gist of it is that they are on probation for institutional leadership failures. A team will visit to monitor efforts to change management and policies. As the spokesman said, they are hopeful PSU can right the ship, otherwise it would not have been a warning.
The next shoe is what the Dept of Education will do with the Clery Act violations. One of the ignored parts of the Freeh Report is that most PSU staff had never even heard of the Clery Act and there literally was NO policy to comply with it. Sanctions authorized by the Clery Act include decertifying PSU to receive student aide (ie you can't get federal scholarships, grants or even subsidized loans to attend PSU). That is the true death penalty. While I don't think they will probably do that, the Dept of Ed will certainly make an example of PSU because this is literally about the worst case I can think of with respect to reporting of crimes on campus.
The other part is recent reports that an eyewitness observed Sandusky on a private jet with a powerful PSU donor and boys. This is beyond the rumor stage as this is part of the fed's investigation. If that starts panning out coupled with the public outcry over Sandusky, PSU could literally be in jeopardy as far as its existence.