• A $60 million fine. The funds, according to NCAA president Mark Emmert, will be used to establish an endowment that will support victims of child sexual abuse and seek to prevent such abuse in the future.
• All wins dating back to 1998 — 112 of them in total — will be vacated (meaning Joe Paterno is no longer college football's winningest coach).
• A four-year postseason ban, which includes bowl games and the Big Ten championship game.
• An elimination of 40 scholarships over the next four years. Current Penn State football players will be able to transfer and be eligible to play immediately at their new schools.
• Five years of probation for the athletic department.
Here's Emmert making the announcement earlier today:
Penn State president Rodney Erickson said in a statement that the school accepts the penalties announced by the NCAA.