Apparently a settlement has been reached. Penn State will pay the $60 million fine, which will go towards child-sex-abuse prevention programs in Pennsylvania, and the remaining sanctions have been lifted. Included are the 111 vacated wins for the football program, which also restore Joe Paterno to the status of winningest D-I coach.
From the Deadspin article:
The only takeaway here is that the NCAA continues to be a completely useless organization. The only response it could muster in the aftermath of the Sandusky scandal was to blindly and uselessly swing an axe at Penn State's football program, for no other reason than to justify its own existence. And now, just a few years later, they are just quietly mopping up the mess that they never really had any business making. Nothing the NCAA does ever matters.