ESPN Radio rumor: Paterno stepping down

ESPN Radio Pittsburgh, through an inside source close to the Penn State alumni association, has reported that Joe Paterno will step down as head football coach. Paterno was scheduled to meet with University President Graham Spanier and the Broad of Trustees late this week.

ESPN Radio Pittsburgh Crow and Junker show reported the news through an apparently anonymous email, which also stated that Indianapolis Colts quarterback coach Jim Caldwell (who served as PSU's quarterback coach from 1986-1992) would likely be Paterno's successor.

The Phanatic Magazine's Take:
Jared Trexler: My sources call BS. The email was correct in saying Paterno had a scheduled meeting with Spanier and the Board of Trustees late this week, and that he had been feeling ill for more than a week (he had planned on visiting potential recruits, but had to cancel those plans). However, no indications have been given that Paterno is stepping away. I would be surpised -- but not shocked -- if Paterno's contract isn't extended before its conclusion at the end of next season.

Also, while the email tries to connect the dots between Caldwell pulling out of contention for head jobs with the NFL's Atlanta Falcons and Baltimore Ravens, he was likely no better than the third choice of either franchise, he appears to be the leading candidate in Indianapolis if Tony Dungy announces his retirement early next week.

Finally, everything I've heard points to Rutgers head coach Greg Schiano getting first crack at the opportunity, a job he once called his "dream destination."