I agree that vacating victories is silly, but consider the "competitive advantage" issue.
Had the Sandusky issue come to light when PSU officials were made aware, how many parents would have welcomed Paterno into their homes and encouraged their kids to attend PSU knowing his hand-picked successor had been revealed as a man who raped children? Is the avoidance of competitive disadvantage the same as competitive advantage?
No one (that I am aware of) believes that PSU deserves sanction because Sandusky raped boys. PSU deserves sanction because Sandusky raped boys and the university knew about it didn't do anything about it for ten years.
Well, they did clean house within the last year, albeit belatedly, up to and including the university president. As far is we know, there are no culpable parties still connected to the university, certainly not anyone with the current football team. Paterno is deceased, Sandusky in jail for life.
Penn State will not go unscathed with or without the NCAA sticking its nose into this. There is a major cloud hanging over the university and especially the football program, and justly so. They are likely to suffer more than the usual attrition of football players, and their recruiting in all sports, even their recruiting of non-athlete students, will be impaired until the cloud dissipates. It may take quite some time.
So the NCAA involvement at this late juncture is superfluous, and their sanctions might be considered to be unfair to the (presumably) innocent people who are there now.