"I am heartbroken to think that any child may have been hurt and have deep convictions about the need to protect children and youth. My heartfelt sympathies go out to all those who may have been victimized."
Earlier in the day, Paterno said in a statement he was "absolutely devastated" by the case in which Sandusky, his onetime heir apparent, was charged with molesting eight boys in 15 years, with some of the alleged abuse taking place at the Penn State football complex.
After the firings, Paterno shook hands with a couple of dozen supporters who were outside his house.
Later, his wife, Sue, was teary-eyed as she blew kisses to about 100 students on the lawn. "You're all so sweet. And I guess we have to go beat Nebraska without being there. We love you all. Go Penn State," she said.
Thousands of students also descended on the administration building, shouting, "We want Joe back!" then headed to downtown to Beaver Avenue. Almost all of the students were decked out in Penn State gear.
The firings came three days before Penn State hosts Nebraska in its final home game of the season, a day usually set aside to honor seniors on the team.
Earlier Wednesday, Paterno talked to his team for about 10 to 15 minutes in an auditorium of the football facility on campus. He told players he was leaving, and broke down in tears.
Players gave him a standing ovation when he walked out. Junior cornerback 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 ouster of the man affectionately known as "JoePa" brings to an end one of the most storied coaching careers -- not just in college football but in all of sports. Paterno has 409 victories -- a record for major college football -- won two national titles and guided five teams to unbeaten, untied seasons. He reached 300 wins faster than any coach.
Penn State is 8-1 this year, its sole loss to powerhouse Alabama. The Nittany Lions are No. 12 in The Associated Press poll and the BCS standings.
After 19th-ranked Nebraska, Penn State plays at Ohio State and at Wisconsin (No. 18 BCS, No. 16 AP), both Big Ten rivals. It has a chance to play in the Big Ten championship game Dec. 3 in Indianapolis, with a bid for the Rose Bowl presented by Vizio on the line.
After meeting Tuesday, Penn State's board of trustees said it would appoint a committee to investigate the "circumstances" that resulted in the indictment of Sandusky, and of athletic director Tim Curley and school vice president Gary Schultz, who are accused in an alleged cover-up.
Paterno notified Curley and Schultz about the 2002 abuse charge and is not a target of the criminal investigation. Curley and Schultz have been charged with failing to report the incident to the authorities.
Sandusky, who retired from Penn State in June 1999, maintained his innocence through his lawyer. Curley has taken a leave of absence and Schultz has decided to step down. They also say they are innocent.
Surma said McQueary had no change in his job status for now.
The committee will be appointed Friday at the board's regular meeting, which Gov. Tom Corbett said he plans to attend, and will examine "what failures occurred and who is responsible and what measures are necessary to ensure" similar mistakes aren't made in the future.
In Washington, the U.S. Department of Education said it has launched an investigation into whether Penn State failed to report incidents of sexual abuse on campus, as required by federal law.
Mark C. Sherburne, Curley's acting replacement as AD, issued a statement Wednesday, saying the school is "devastated" by the allegations in the grand jury indictment of Sandusky.
"Our hearts go out to the children and their families," he said.
"Every day we are entrusted with the lives of young people, and we do not -- nor have we ever -- taken that trust lightly. We are outraged that a valued trust has been broken. We can promise you that we are doing everything in our power to restore that broken trust. Everyone within athletics -- coaches, administrators, staff and student-athletes -- are committed to this pledge."
Sandusky founded The Second Mile charity in 1977, working with at-risk youths. It now raises and spends several million dollars each year for its programs. Paterno is listed on The Second Mile's website as a member of its honorary board of directors, a group that includes business executives, golfing great Arnold Palmer and several Pro Football Hall of Famers and coaches, including retired Pittsburgh Steelers stars Jack Ham and Franco Harris.
On Wednesday morning, Paterno said he planned to retire at the end of the season, but the board had other ideas.
In a statement, Paterno said: "I grieve for the children and their families, and I pray for their comfort and relief."
He went on: "I have come to work every day for the last 61 years with one clear goal in mind: To serve the best interests of this university and the young men who have been entrusted to my care. I have the same goal today."
In a related development, San Antonio police Sgt. Chris Benavides said Thursday his department is "looking into the possibility that an offense may have happened" while Penn State was there for the 1999 Alamo Bowl, Sandusky's last game as an assistant.
According to the Pennsylvania grand jury report, Sandusky took one boy he allegedly molested to the game and threatened to send him home when the victim resisted his advances.
Information from ESPN's Joe Schad and The Associated Press contributed to this report.