U.S. College Football Hall of Fame inductee Joe Paterno has been fired from his job at the end of his 46th season, as a growing sex scandal shakes both Penn State and its celebrated football program.

University president Graham Spanier was also fired late Wednesday.

Parterno, the 84-year-old Penn State football coach, said earlier that he has been "absolutely devastated" by the case of his one-time likely successor, Jerry Sandusky.

Sandusky has been charged in the molestation of eight boys over an eight-year span. Some of the incidents are alleged to have occurred at the university's football facility, located at State College, Pennsylvania.

Despite the explosive allegations that school brass kept the allegations under wraps, Paterno said he hoped to finish the season with "dignity and determination." But that goal was interrupted when university officials fired him late Wednesday.

Paterno has been a focal point in the scandal, as reports surface that a grad assistant told the coach in 2002 that Sandusky was spotted in the showers with a 10-year-old boy.

While Paterno isn't facing any allegations of legal wrongdoing in the case, he has been criticized for what many are calling a lapse of judgment for not doing more to stop the ongoing sex assaults.

Paterno told Tim Curley, the school's athletic director, and Gary Schultz, school vice-president. However, both men are now accused of failing to report the incident to officials.

"This is a tragedy," Paterno said in a statement. "It is one of the great sorrows of my life. With the benefit of hindsight, I wish I had done more."

Later on Wednesday, Paterno rallied his coaching staff and players at a short, closed-door gathering that was described as emotional by those who attended.

Speaking from a podium, Paterno issued a tearful speech and reportedly broke down. Those assembled gave him a standing ovation at the end, and many were struck by the level of emotion in the room.

According to junior quarterback Stephon Morris, some players were close to tears during Paterno's speech.

"I still can't believe it," Morris told The Associated Press. "I've never seen Coach Paterno like that in my life."

When asked about the key message in Paterno's speech, the quarterback said it had to do with the team's final game of the season next week: "beat Nebraska."

Known as "Joe Pa," Paterno has been one of the most celebrated figures in U.S. sports. With his signature look -- khakis, tie, windbreaker and thick-rimmed glasses -- Paterno has recorded 409 wins as a head coach, which is a record for major college football.

Age hasn't dimmed his winning ways, either. The team has had a stellar season, going 8-1 with a loss to Alabama, a team many feel is nearly invincible this season.

In a statement released Sunday, the coach said that he has always done his best to serve the university and the program.

"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."

"If this is true, we were all fooled, along with scores of professionals trained in such things, and we grieve for the victims and their families," Paterno said, adding that "they are in our prayers."

Mothers of two of the alleged victims told CNN this week that school officials betrayed their leadership positions, and didn't do enough to protect the vulnerable victims.

School officials Schultz and Curley have also been charged with perjury, in relation to statements they made in court.

Former Penn State player Matt Millen said that the whole affair is disturbing and mars the entire football program.

"It makes you sick to see this happen at this level. If we can't protect our kids, then we as a society are pathetic."