This isn't really close to what happened to USC. USC took their two year bowl ban right away but was able to put off its scholarship reduction while serving out the bowl ban to stokepile players. They planned for losing the scholarships and likely will not be hit as hard when the bowl ban is lifted and their scholarship reduction starts, which is this year.
Penn State will not appeal and will accept the bowl ban and the scholarship reduction right away. As I understand it. I think you will see a lot of top players on that team looking for new teams right away since they can transfer without penalty. Starting in the 2014 season PSU will only be allowed to have 65 scholarship players which is twenty short of the currently allowed 85. USC, in contrast will be reduced to 75. That's a pretty big difference. From what I have read, Penn State will not be allowed to have a full set of scholarship players until 2020.
Add to this the $60m fine from the NCAA and the Big Ten taking $13m over the next three or four years, Penn State really got shit hammered. It couldn't have happened to better program.