The news comes from Scout.com:
FightOnState.com has learned from several
university sources that Paterno and Penn State have agreed in principle
to a multi-year contract extension that will keep him at the helm of
the Nittany Lion football program for at least three more seasons. The
sources spoke on the condition of anonymity.
The deal is expected to be signed and announced by the end of the week.
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Whether he'll actually coach from the sidelines or the booth remains to be seen. This should make good old JoePa happy that he won't have to answer all those speculation questions over and over before the Rose Bowl. Congrats to Joe. May he coach forever.