I think Cael/Penn State is caught in a rock and hard place.
I think Cael wants to release a statement because while this is a small scale story, it's hot in the wrestling world, which definitely matters to him. He has worked very hard to build his program up and people slandering it with hearsay allegations has to bother Cael to his core. Some jackasses even run with clearly fake rumors like his job is at risk.
But if he releases a statement, it increases the likelihood of it getting picked up by the nation, which is what the school cares about. I agree with Penn State's move right now, barring something new, just go business as usual. Cael clearly is confident in how he handled things.
EDIT: I'd also add that it's smart to not release a statement because under no circumstances is it going to change anyone's mind. What's the point? You think those PSU Hate Burners and Iowa/Ok State fans will be like "Oh wow, Cael is a man of integrity"? No they run with fake stuff as is.