The Code of Conduct

Despite the fact that Prosecutors are still considering felony charges against an unknown number of Penn State players, there is the Universities code of conduct to consider when talking about possible repercussions on players. This is more applicable to players who won't be facing serious criminal charges but who were still involved in the "assault".
You can find the University's code of conduct here, but I think the following are particularly relevant.

1. ABUSE/ENDANGERMENT: Physically harming or threatening to harm any person, intentionally or recklessly causing harm to any person or reasonable apprehension of such harm or creating a condition that endangers the health and safety of self or others (also see Policy Statement 8).

This seems pretty obvious. However, this particular provision will probably only apply to players who will be charged with assault. In that case, those players will have bigger problems than the code.

14. DISORDERLY CONDUCT: Engaging in disorderly, disruptive, lewd or indecent conduct. The item includes but is not limited to: inciting or participating in a riot or group disruption; failing to leave the scene of a riot or group disruption when instructed by officials; disruption of programs, classroom activities or functions and processes of the University; creating unreasonable noise; or creating a physically hazardous or physically offensive condition.

This could definitely affect some players even if they face only misdemeanor charges. Even if the Prosecutor's can't make criminal charges stick there is a good chance that judicial affairs could get players on engaging in "disorderly conduct".

16. VIOLATION OF LAW: Students are members of the campus, local and state communities. As citizens, students are responsible to the community of which they are a part, and the University neither substitutes for, nor interferes with the regular legal or criminal process. Students are also responsible for offenses against the academic community and in some instances student conduct that violates federal, state, or local law may affect a Substantial University Interest on the University community. Because the University expects students to conduct themselves in accordance with the law, student misconduct that occurs on or off the premises of the University that violates any local, state, or federal law will be reviewed by the University. Criminal or civil decision is not a necessary prerequisite for a disciplinary decision nor is it necessary that criminal or civil charges be lodged against the student either before or after a University decision. Therefore, action taken in a civil or criminal court does not free the student of responsibility for the same conduct in a University proceeding.

Well, yeah.

GO STATE!