Penn State University slammed with NCAA sanctions

The NCAA has slammed Penn State with an unprecedented series of penalties, including a $60 million fine and the loss of all coach Joe Paterno's victories from 1998-2011, in the wake of the Jerry Sandusky child sex abuse scandal.

NCAA President Mark Emmert announced the staggering sanctions Monday at a news conference in Indianapolis. Though the NCAA stopped short of imposing the "death penalty" - shutting down the Nittany Lions' program completely - the punishment is still crippling for a team that is trying to start over with a new coach and a new outlook.

The sanctions against Penn State include a $60 million fine, a ban from bowl games for 4 years, the loss of 20 scholarships per year over four years, wins from 1998 - 2011 vacated, a 5 year probation period, and a reservation of the NCAA to conduct a formal investigation and and disciplinary process after the conclusion of criminal proceedings.

The NCAA says Penn State perpetuated "football first" culture that must change. "Penn State can focus on the work of rebuilding its athletic culture, not worrying about whether or not its going to a bowl game," says Emmert.

After vacating wins from 1998-2011, Joe Paterno is no longer all time winningest coach in college football.

Two of the games that were vacted were against Syracuse University; one in 2008 and one in 2009.

The $60 million fine imposed by the NCAA is meant to support services for victims of child abuse.

The NCAA granted any entering or returning players the ability to transfer schools without penalty.

The Big Ten announced its own sanctions against Penn State about two hours after the NCAA handed down crippling penalties against the Nittany Lions football program.

The Big Ten says Penn State will not be allowed to share in the conference's bowl revenues while it is banned from the postseason by the NCAA.

This announcement comes the day after Joe Paterno's

statue was taken down

from outside the Penn State football stadium.

Sandusky, a former Penn State defensive coordinator, was found guilty in June of sexually abusing young boys, sometimes on campus.

(Information from the Associated Press was used in this report.)