The Big Ten has to do something about Penn State. Whether that means something drastic or just floating news that it's considering doing something drastic, it has to do something. And, as the Chronicle of Higher Education reports, it's at very least doing the latter.
According to the report, Jim Delany has not ruled out kicking the Nittany Lions out of the conference, which they joined only in 1991. Delany is reportedly also interested in having the power to remove coaches from schools. To the latter point, I'd wonder whether granting more power to one individual at the top of an institution is the solution to powerful individuals having too much power, but I'm not really in charge here.
Delany also reportedly wants the power to fire coaches. This is totally not going to happen.
Conferences have kicked out teams before, most recently Temple getting heaved from the Big East for its poor football attendance (the Owls then found their way back in). I do not believe the Big Ten will go through with this unless PSU goes without football for more than one year or somehow refuses to make sufficiently drastic changes to its operations.