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Joe Paterno Resigns in Wake of Penn State Sex Abuse Scandal

College football legend Joe Paterno resigned as Penn State's coach just hours after a raucous rally outside his home.

"We want Joe! We want Joe!" chanted the crowd.

"And I want you," said Paterno.

84-year-old Paterno will leave the college at the end of this season, his 62nd at Penn State.

He is resigning over his failure to alert police about allegations of child molestation by his former assistant coach, Jerry Sandusky.

"I am absolutely devastated. I grieve for the children and their families," Paterno said in a statement.

"With the benefit of hindsight, I wish I had done more," Paterno added.

The local newspaper in Harrisburg had called on him to step down in an extraordinary front page editorial.

And there was a crescendo of attacks on network TV. 

Star Jones said on the Today show, "Everybody needs to lose their job. Plain and simple. Everybody needs to lose their job, from the top down."

But the boisterous rally at his home showed what a revered figure he remains among the student body at Penn State.

"It's hard for me to say how much this means to me," said Paterno.

The crowd chanted, "Let Joe stay."

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