Pernetti has been fired or has resigned according to ESPN (watching on TV, no link). It is not yet clear which. [EDIT: Resigns]
According to Brett McMurphy, who is reporting the story, is saying a major factor was the political pressure on to do something.
EDIT: Rutgers press conference live on ESPN at 1pm EST.
EDIT2: Here's a link to the ESPN story.
From the press conference, President Barchi says that "Rice was not fired for cause, I just fired him." He mentioned that the independent investigation concluded that they could not fire Rice with cause, contractually. Barchi says that he did not see the tapes until this week and at that point immediately made the decision the fire Rice, despite not having contractual, legal cause. This means that Rice will be given whatever by-outs that exist in his contract.