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Penn State's football program has been banned from the postseason for 4 years and will pay a $60 million penalty as part of a wide-ranging set of sanctions in the wake of the Jerry Sandusky sexual abuse scandal, the NCAA announced Monday.
Penalties given to Penn State include:
1) A $60 million fine which will be used as a fund to endow national sports programs for victims of child sexual abuse
2) A 4-year postseason bowl ban
3) A reduction in initial scholarships from 25 to 15 per season
4) All Penn State wins between 1998 and 2011 will be vacated
5) A 5-year probationary period