Joe Paterno Retiring After Football Season -- 'I Wis

Penn St. head football coach Joe Paterno just announced that he will retire at the end of the current football season ... calling the child molestation scandal, "one of the great sorrows of my life" and saying, "I wish I had done more."

Paterno released a statement saying, "I am absolutely devastated by the developments in this case. I grieve for the children and their families, and I pray for their comfort and relief."

He added, "I have decided to announce my retirement effective at the end of this season. At this moment the Board of Trustees should not spend a single minute discussing my status. They have far more important matters to address. I want to make this as easy for them as I possibly can."

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