Penn State and the Spikes entered mediation in the spring.
A preliminary hearing is scheduled for November 12.
The university may take student conduct action in addition to, and separate from, the charges filed by police, he added.
A Penn State student is accused of hitting a pedestrian with his car and leaving the scene.
The man was charged after multiple controlled purchases set up by police.
The agreement includes a sentence of 30 to 60 years.