Penn State Football Death Penalty?

The question in the wake of the Freeh Report on the tragedy at Penn State is whether the university should be allowed to field a football team going forward in the next few years. The argument on one side is that the lack of oversight and turning a blind eye at best, the cover-up at worst, shows that the entire structure is corrupt and needs to be dissolved. The NCAA should shut down Penn State football for at least a period of time and force it to recreate itself from square one. The offense on the part of the institution is so egregious that the team needs to be held responsible in the harshest possible way. The argument on the other side is that this is different from, say, recruiting violations which are connected to the game. What happened at Penn State is horrific and did involve people in the football program, but it was not a football offense. The courts are the place where we try criminal activity, it is not the NCAA's job to police its programs beyond the scope of sports. So, should Penn State be allowed to keep its football program?