As has been pointed out, Penn State does not go above 4.0. Some reputable schools do. MIT for example gives a 5 for an A. From the Penn State bio of Jason Nolf "Outstanding student, posting a 4.5 GPA, winning Kittanning’s Physics Award and the school’s Principal’s Award." Also it was Tim Johnson who made the statement, repeating it from at least one Penn State mach he announced.
One of the greatest performances I've ever seen at NCAA's was Gary Barton, 134 from Clarion, in 1972. I had taken the high school team I coached to the finals. I had been to the previous sessions and been amazed as Barton always found a way to win. Barton, unseeded, beat the 5, 4, 1, and 2 seeds to win the championship. The matches were all close and Barton demonstrated a degree of toughness that was astounding.