The university, in a statement, did not reveal the content of those signs.
The school said the final games — Friday at Yale and Saturday at Brown — were being cancelled because of violations of team and divisional policy.
According to Penn's student newspaper, the Daily Pennsylvanian, the university's action comes after a turbulent season which saw several veteran players quitting the team, and eight players filing grievances against their coach for a reported team-wide decline in mental health.
In the statement, Penn Athletics Director Grace Calhoun said the school will "determine additional steps in the coming days and weeks."