Joe Paterno seems to have missed his opportunity, as did the school president. The lesson is clear: when you have knowledge of a crime, and you are in a position of power, doing the bare minimum is not enough. Complying with the law and doing the right thing are not always the same. (That works both ways, of course.)
This incident is a tragedy first and foremost. Secondarily, It's also an opportunity to teach a generation of kids what to do if they find themselves in this situation. And it's important to point out that almost no one in the Penn State situation did the right thing.
You can win 400 football games and still not make the right call when it counts.