A university spokeswoman said Wednesday that the sign was found in recent days, a suspect has been identified and charges are expected. Further details were not released.
A surveillance camera showed a driver causing about $23,000 in damage to stadium gates, grass and two signs, including the Paternoville marker.
Paternoville is the site of a tent encampment outside Beaver Stadium where students assemble to get the best seats for home football games.
It's named for Joe Paterno, the longtime head coach who died in January of lung cancer.