The NCAA has hit Penn State with a $60 million sanction, a four-year football postseason ban and a vacation of all wins dating to 1998, the organization announced Monday morning in a news release.
"These funds must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university," the statement said.
The career record of former head football coach Joe Paterno will reflect these vacated records, the statement continued.
Penn State must also reduce 10 initial and 20 total scholarships each year for a four-year period, the release said.
The NCAA revealed the sanctions as NCAA president Mark Emmert and Ed Ray, the chairman of the NCAA's executive committee, and Oregon State's president spoke at a news conference in Indianapolis at the organization's headquarters.
"In the Penn State case, the results were perverse and unconscionable," Emmert said.
"No price the NCAA can levy will repair the damage inflicted by Jerry Sandusky on his victims," he said, reffering to the former Penn State defensive coordinator convicted of 45 counts of child sex abuse last month.