Eye On College Football's Adam Jacobi is reporting that Joe Paterno has passed away following complications associated with chemotherapy he was receiving for lung cancer treatment. (CBS Sports has since retracted that report, after duping organizations far larger than ours.) There are also reports of State College radio stations interrupting their broadcasts to announce the news. We will update with details as they come in.
UPDATE (9:10 p.m. EST): Sara Ganim is now reporting that the Paterno family spokesperson has denied the CBS report. So, stay tuned.
UPDATE 2 (9:30 p.m. EST): Scott Paterno refutes CBS's report via twitter. Penn State football correspondent Audrey Snyder also reports Jay Paterno refutes the report. We have changed the headline on this post to avoid confusion.
UPDATE 3 (10:45 p.m. EST): Devon Edwards, the managing editor of Onward State, the Penn State site which first reported that Paterno had died—CBS picked up Onward State's report without attribution—apologized and resigned. Meanwhile, Poynter has a breakdown of how the story spread.