The main topic was the scrutiny under which the coach and the program have come following the recent sex-abuse-against-minors charges that have been filed against former PSU assistant Jerry Sandusky as well as the alleged cover-up of said scandal by school administrators.
Hundreds of reporters have descended on State College and University Park to cover the story.
A program source described the 84-year-old Paterno as being solemn during the meeting with his players.
Paterno reportedly told the team to ignore the controversy and focus on this week's home game with No. 19 Nebraska at Beaver Stadium. The Nittany Lions are 8-1 and ranked No. 12 in the most recent BCS standings.
The source quoted Paterno as saying, You've worked too hard. Don't let any of this get in your way. Don't worry about me. I'll be fine,
Earlier in the day, the New York Times reported that the Penn State board of trustees was moving to force Paterno to resign.
FightOnState.com's source quoted Paterno as telling the team, I don't know what's going to happen. I really don't know what's coming of it.
The board issued a statement Tuesday night saying it was selecting a special committee to look into the Sandusky scandal. It made no mention of Paterno's status.