Paterno's Secret $3.3 Million Parachute: In January 2011 Penn State head coach Joe Paterno testified to a grand jury about Jerry Sandusky. That same month he began secretly negotiating a special $3 million payout, forgiveness of $350,000 in loans and other perks if 2011 was his last season as coach. His contract didn't expire until the end of 2012 and the school wasn't seeking his ouster, making the logic of the deal curious. University president Graham Spanier agreed to the golden parachute contract with Paterno in August without telling the board of trustees. Deadspin characterizes the deal this way: "A powerful icon ... held an entire University hostage."