I actually think it's in Penn St.'s interest to cancel next season, at the very least. If they don't, the total number of early NFL entrances, transfers and decommits will lead to a 2-9 season, at best. Hell, they might lose to one of their easy games and go 1-10. Add to that the quality level of coach that would be willing to accept the job in the current situation, and they will be saddled with a shit coach for several years. All of this under the pall of an ongoing corruption investigation that will morph into multiyear lawsuits? No highschool graduate with ridiculous speed is going to pick Penn St. over Pitt, let alone Wisconsin or a top team from a better conference.
Constantly losing will only make things worse.
Cancel the season, allow current football players to either stay on an academic scholarship (for all the lesser players) or to transfer to another school on Penn St's dime (nfl bound). Then get your god damned university in order. Then, hire a permanent AD. Then, let the AD revive the football team by hiring a top level coach to return the team to former glory. I doubt this can be done in a year. More like 5.
The only money spent on football should be marginal funds needed to keep current facilities from falling apart (don't want rats destroying equipment, or the pipes bursting. After the investigations start to peter out, you're still one of the best football atmosphere in the Country, and nobody had to witness your school be pathetic for several years.