NCAA sanctions Penn State: Joe Paterno's wins voided and a $60 million fine levied, among other penalties
The penalties from the NCAA include a $60 million fine and a voiding of all the school's victories in football under Paterno from 1998-2011, which removes Paterno from his place as Division I college football's winningest coach.
Other sanctions include a four-year ban on postseason games, including the Big Ten title game, the loss of 20 scholarships per year over four years and five years' probation. As for the athletes currently at PSU, the NCAA has ruled that any current or incoming football players are free to immediately transfer to another school, where they can begin competing right away, instead of sitting out a year, as it usually the case with transferring.
In addition, the $60 million fine must be paid into an endowment for external programs that work to prevent child sexual abuse or assist victims.
NCAA President Mark Emmert says, "'This case is obviously incredibly unprecedented in every aspect of it, as are these actions that we're taking today ... Football will never again be placed ahead of educating, nurturing and protecting young people."