What facts? It doesn't matter. You can bet what Joe Paterno wanted he would have gotten. Who would have stopped him?
Paterno has a history of overruling the Board of Trustees. The most famous being 2004 when 2 members of the Board came to his house and asked him to retire and he kicked them out. At that time, he had more pull than the Board so he got to stay. I don't think he had absolute power but more likely than not, if he really really wanted something, it would have gotten done.
That said, as of now, we don't know all of the facts of the case and exactly how much Joe knew or did. He's not going to give a public statement or apologize much, I would guess, because his lawyers are going to tell him to keep quiet. If he admits anything, it'll just get used in the civil lawsuits that are sure to come against PSU, including current and former employees.
Even if he's as unknowing as he's claimed, the Board still had every right to fire him for insubordination. He went on national TV and basically said without consulting the Board, again, he was keeping his job until the end of his current contract because he wanted to and the board could go stuff it. Of course, now is slightly more sensitive than 2004 so the Board's not going to just sit there and take it.
The other point is that if they want to try to keep current sponsors and attract future recruits/students, the common practice after scandal is to clean house completely by firing everybody in upper management even remotely involved and disassociate. From the Board's point of view, what they did was the best long-term financial decision for the school. That's what they should be doing.
Overall, I don't hate him or think he's a bad person. I think Joe gets more attention right now in the media and in discussions only because the other players (e.g. Sandusky, Spanier, etc.) are boring by being almost universally hated/wrong so there's not much to talk about after the first couple of sentences.
"Yep, Sandusky is bad."
"Yep."
"..."
There needs to be change at Penn State. The administration put the football program and sponsorship money ahead of all else, including obviously the kids. Sadly, they won't be the first or the last to see the world through green-colored glasses.