>> Will the University remove his name from the library and the statues of Paterno leading his players onto the field?<<
I am not 100% sure but I think that is what they did with Pete Rose...
I remember last fall there was a football game on TV including Penn State (I forget who they were playing) and the announcers were beside themselves with excitement over the prospect that Joe Paterno could break the record for wins--which he did because Penn State won the game. The scandal broke not long after that.
Who knows how many boys were victims of Sandusky in addition to the ones who have come forward? A lot of them could have been spared if Sandusky had been prosecuted after the first case became known. But it was too important for Penn State for him to stay on as coach and Joe Paterno got his record number of wins.