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The lawsuit that was settled named Penn State as a defendant along with the NCAA, i.e. they were on the same side. Penn State's party line this entire time has been to support the consent decree. It was a smart strategy for them to get someone else to do their dirty work. Also the Paterno estate lawsuit is still on the table, so the NCAA isn't out of the woods just yet. After those released emails last month plus the NCAA's sudden willingness to settle realizing that a trial really was going to happen, there must be some real juicy stuff they don't want made public. Some Pennsylvania congressmen are also looking to bring an investigation into the NCAA, so they really stepped in it this time.It's not being cynical - it's being logical.
Penn State made a calculated risk to call the NCAA's bluff, and it was absolutely the right move. The school and program are no longer under fire from the press. And remarkably, the only ones whose reputations have been tarnished are no longer with the program (or dead).
I still think UNC will get hammered by the NCAA, though. Now that the case has been reopened (mostly because nonstop pressed FORCED the NCAA to reopen it), they have no choice but to hand out a harsh punishment. And unlike the Penn State situation, the NCAA is well within its jurisdiction, which means UNC would have zero case against them.