Former Penn State football coach Joe Paterno had negotiated a golden parachute arrangement to retire from his position at the end of the 2011 season before the Jerry Sandusky scandal became public knowledge, the New York Times reported on Saturday.
Paterno would have received $3 million to retire after the conclusion of the 2011 season and the $350,000 the university had loaned him would have been forgotten. His contract was not due to expire until after the 2012 season but he and the university's president, both of whom knew where the Sandusky investigation would lead, negotiated the golden parachute arrangement.
Penn State's board of trustees was reportedly kept in the dark regarding the arrangement, which ultimately was revisited during the 2011 season when the Sandusky investigation was completed and Paterno was fired amid the scandal. The board of trustees agreed to give Paterno's family a nice package anyway, worth roughly $5.5 million according to the Times.