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penn state

Penn State Sanctions Include $60 Million Fine and 112 Vacated Wins

STATE COLLEGE, PA - JULY 22: A man stares at the site where the statue of former Penn State University football coach Joe Paterno once stood outside Beaver Stadium on July 22, 2012 in State College, The statue was removed by workers after Pennsylvania. Penn State's president Rodney Erickson made the decision Sunday in the wake of the child sex scandal of former assistant football coach Jerry Sandusky. According to an FBI report, it is believed that Paterno had detailed knowledge of Jerry Sandusky sexually abusing children before and after Sandusky retired from coaching at Penn State. (Photo by Patrick Smith/Getty Images) The former site of the Joe Paterno statue at Penn State.

As expected, Penn State football avoided the so-called "death penalty," but the sanctions announced by the NCAA today are nonetheless severe:

• 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.

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Photo: Patrick Smith/Getty Images