The university said it had concluded negotiations that have lasted about a year.
The school said 23 deals are fully signed and three are agreements in principle. The school faces six other claims, and the university says it believes some do not have merit while others may produce settlements.
"We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State," University President Rodney Erickson said in a statement released Monday. "We cannot undo what has been done, but we can and must do everything possible to learn from this and ensure it never happens again at Penn State."