Why wait for the PSU fallout? Do we really want to play this game? What would happen if we backed out right now?
This is a crazy yet interesting idea. You want headlines and national recognition? Pulling out now and saying we dont agree with the morals of Penn State University would get us time on every media outlet in the US.
I thought about this, as well, and the while I'm sure there would be a large financial impact to Ohio, it would send the right message. By playing the game in order to avoid the financial impact would just be sending the message that we the money is more important that what happened (and what is wrong with college football). I'm sure there would be several other penalties, too (would the Big Ten ever schedule another game with us?), but like you say it's the right thing to do and you can't put a financial tag on the national recognition from that. It would be nice if their four non-conference opponents (Virgina, Temple and Navy) all did the same. As a Navy season ticket holder, as well, I would be surprised to see a program of such honor play that game.