New article out that says the Big 10 is considering options after the PSU fallout. Article basically says-

1. Big 10 considering giving Delany the power to fire individual coaches for their actions
2. Big 10 considering giving Delany the power to levy suspensions and penalties for specific schools against specific players
3. Big 10 at least considering throwing Penn State out (although very unlikely)

Interesting stuff that they're at least even considering the option to kick Penn State out

Report: the Big Ten to expel Penn State? | CollegeFootballTalk