The program was slapped with a $60 million fine, scholarship reductions and a four-year postseason ban after former FBI director Louis Freeh investigated Penn State's response to allegations of sexual abuse committed by ex-defensive coordinator Jerry Sandusky.
Sandusky is in prison serving a 30- to 60-year sentence after being convicted of 45 counts of sexual abuse.
According to the report, Penn State would have a "strong case" to get the probation lifted if it continues to "reach and go beyond" benchmarks set by the NCAA after the school was sanctioned.
Penn State opens its 2014 season on Saturday against UCF in Dublin, Ireland.
- Scooby Axson