School spokesman Bill Mahon says the university and Paterno's estate finalized the remaining payments due to the longtime coach to settle his employment contract.
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View full sizeSue Paterno, center, wife of former Penn State football coach Joe Paterno, consoles her grandson as they leave a memorial service for Joe at Penn State's Bryce Jordan Center in State College, Pa. in January.
Penn State says it has provided more than $5.5 million in payments and benefits to settle Joe Paterno's employment contract.Clik here to view.
View full sizeSue Paterno, center, wife of former Penn State football coach Joe Paterno, consoles her grandson as they leave a memorial service for Joe at Penn State's Bryce Jordan Center in State College, Pa. in January.School spokesman Bill Mahon says the university and Paterno's estate finalized the remaining payments due to the longtime coach, who was fired in November in the wake of former assistant Jerry Sandusky's arrest on child sexual abuse charges.
Paterno died of lung cancer in January.
The school says it made the payments today to Paterno's estate.
A breakdown of the settlement provided by the school includes a career bonus of $3 million, an annual bonus of $425,000, the use by Paterno's family of a Beaver Stadium suite for 25 years and $900,000 from television and radio revenue from last season.