Paterno said he was “absolutely devastated” by the case, in which his one-time heir apparent, Jerry Sandusky, has been charged with molesting eight boys over a 15-year period, including at the Penn State football complex.

He said he hoped the team could finish its season with “dignity and determination.”

The trustees could still force him to leave immediately. It also could take action against the university president, Graham Spanier.

Paterno said the school’s Board of Trustees, which had been considering his fate, should “not spend a single minute discussing my status” and has more important matters to address.

The beloved 84-year-old Paterno has been engulfed by outrage that he did not do more to stop Sandusky after a graduate assistant came to Paterno in 2002 after allegedly having seen the former assistant coach molesting a 10-year-old boy in the Penn State showers.

“This is a tragedy,” Paterno said in a statement. “It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more.”

Paterno met with his coaching staff and players in the football building at Penn State for about 10 to 15 minutes Wednesday, a team meeting players described as being very emotional.

Paterno met with his coaching staff and players for about 10-15 minutes in an auditorium of the football facility. Standing at a podium, he told them he was leaving and broke down in tears.

Players gave him a standing ovation when he walked out.

Junior quarterback Stephon Morris said some players also were nearly in tears as Paterno spoke.

“I still can’t believe it,” Morris said. “I’ve never seen Coach Paterno like that in my life.”

Asked what was the main message of Paterno’s talk, Morris said: “Beat Nebraska.”

The decision to retire by the man affectionately known as “Joe Pa” brings to an end one of the most storied coaching careers, not just in college football, but in all sports. Paterno won 409 games, a record for major college football, and is in the middle of his 46th year as coach.