INDIANAPOLIS -
Penn State avoided the "death penalty" Monday morning, but the NCAA delivered its sanctions against the university in the wake of the Jerry Sandusky child sex abuse scandal.
PENN STATE SANCTIONS
- $60 million fine, which is equal to one year of football program revenue
- All Penn State football wins and records vacated from 1998-2011
- Four year postseason ban
- Loss of 20 scholarships per year over four years
Funds from the $60 million fine will be used to establish an endowment to support programs around the nation that serve the victims of child sexual abuse and work to prevent such abuse.
For Joe Paterno, the sanctions erase 112 wins -- unseating him as the winningest coach in NCAA football history.
The NCAA said these sanctions are intended to put academics and the growth of young students ahead of the legendary football program. The NCAA said Penn State perpetuated a "football first" culture under Paterno.
A major symbol of Paterno's reign in State College – a 900 lb. bronze statue of the coach – was removed from outside Beaver Stadium on Sunday. But the university has, for now, kept the Paterno name atop a school library.
The Paterno family released a statement criticizing Penn State's decision to remove the statue, saying it was made in haste and before all the facts about Paterno's role in the Sandusky scandal were known.
"Tearing down the statue of Joe Paterno does not serve the victims of Jerry Sandusky's horrible crimes or help heal the Penn State community. We believe the only way to help the victims is to uncover the full truth."
The NCAA will allow any Penn State football player to transfer with immediate eligibility at their transfer school. Current players on scholarship can also remain at the university under scholarship, even if they choose to not play football.
Penn State recruit Akeel Lynch posted to Twitter on Sunday, "I still bleed blue and white." Starting quarterback Matt McGloin wrote, "The hotter the fire, the stronger the steel."
The entire Penn State athletic program is being placed on probation for five years and must work with an academic integrity monitor appointed by the NCAA.
The NCAA also reserves the right to open its own formal investigation of the university to impose sanctions "as needed on individuals involved in this case after the conclusion of any criminal proceedings."
About two hours after the NCAA news conference, the Big Ten announced its own sanctions against Penn State. The Big Ten says Penn State will not be allowed to share in the conference's bowl revenues during its postseason ban.
