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Penn State sanctions: $60M, bowl ban

Updated: July 24, 2012, 10:54 AM ET
ESPN.com news services

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 said Monday morning. The career record of Joe Paterno will reflect these vacated records, the NCAA said.

Penn State also must reduce 10 initial and 20 total scholarships each year for a four-year period.

The NCAA revealed the sanctions as NCAA president Mark Emmert and Ed Ray, the chairman of the NCAA Executive Committee ...

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