Merkle is entering the transfer portal for the third time in her career.
Pitching mistakes cost Penn State, leading to a walk-off loss.
Cerrato is still eligible to sign his entry-level deal with the Hurricanes following the PTO.
The move comes after a week of three ranked wins.
Fink will likely play in the AHL for the rest of the season.
Penn State only lost by one goal to the No. 3-ranked Terrapins.