The NCAA has been pretty quiet on the whole NCAA situation, presumably because they don't want to offer any knee-jerk reactions before they have all the facts. But NCAA President Mark Emmert just offered a statement on the Association's website about the investigation.
Regarding the ongoing Penn State criminal investigation, the NCAA is actively monitoring developments and assessing appropriate steps moving forward. The NCAA will defer in the immediate term to law enforcement officials since this situation involved alleged crimes. As the facts are established through the justice system, we will determine whether Association bylaws have been violated and act accordingly. To be clear, civil and criminal law will always take precedence over Association rules.
So the NCAA will wait for the justice system to play this whole situation out before they decide if any penalties should be levied against the University, which means that it could be a very long time before we find out anything on that front.