Update: "This is a tragedy. It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more," said Joe Paterno in a statement announcing his retirement (via ABC News):

I am absolutely devastated by the developments in this case. I grieve for the children and their families, and I pray for their comfort and relief.

I have come to work every day for the last 61 years with one clear goal in mind: To serve the best interests of this university and the young men who have been entrusted to my care. I have the same goal today.

That's why I have decided to announce my retirement effective at the end of this season. At this moment the Board of Trustees should not spend a single minute discussing my status. They have far more important matters to address. I want to make this as easy for them as I possibly can.

This is a tragedy. It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more.

My goals now are to keep my commitments to my players and staff and finish the season with dignity and determination. And then I will spend the rest of my life doing everything I can to help this University.

Original Post:

Penn State football coaching legend Joe Paterno, caught up in a sexual abuse scandal involving one of his assistants, will officially announce his retirement after this season on Wednesday, according to "according to a person familiar with the decision" cited by the Associated Press. Genaro C. Armas writes:

Paterno decided to retire at age 84, in the middle of his 46th season with the Nittany Lions. He won 409 games, a record for major college football, but now, the grandfatherly coach known as "Joe Pa," who had painstakingly burnished a reputation for winning "the right way," leaves the only school he's ever coached in disgrace.

Paterno has been criticized for his response to the sexual abuse accusations leveled at his former defensive coordinator, Jerry Sandusky. And other university officials have been implicated for not letting authorities know about the abuse, the AP notes. Yesterday, The New York Times cited a source saying that Paterno's tenure at the university would soon be over, saying that the school is managing his departure.