By Pat Loeb

STATE COLLEGE, Pa. (CBS) — Former Penn State president Graham Spanier will collect nearly $3.3 million from the university, despite being fired and charged this month with felonies in connection with the Jerry Sandusky sex abuse case (see related story).

It was a precipitous fall from grace for Spanier.  Just two years ago, Penn State’s board chairman sang his praises in announcing a four-year contract extension that would have made Spanier the second-longest-serving president in university history.

That was not to be, but a contract is a contract.  So, Spanier will collect his $700,000 salary for last year plus $82,557 in benefits, along with $1.225 million in severance and another $1.248 million in deferred compensation.

The payments will not be made, however, until 2017.  By that time, Spanier will likely have been tried on eight charges including perjury, obstructing justice, and recklessly endangering the welfare of children — all for allegedly covering up Sandusky’s sexual abuse of children (see related story).

Penn State’s spokesman declined to speculate on whether a conviction might nullify the payments.  Spanier’s attorney declined comment.