The highly publicized scandal that took place at Penn State University involving Jerry Sandusky's continued sexual abuse towards young boys and administration covering it up has earned the school a $60 million sanction. It was also announced by NCAA President Mark Emmert that the football team is to forfeit all of their winning games from 1998-2011 and will not be allowed to participate in any postseason games for the next four years.

The loss in wins for the football team will have a profound effect on the record of their late legendary coach Joe Paterno. In total, he'll have 111 wins stripped from his record, dropping him from no. 3 all time to no. 12. The number of scholarships the university will have to offer has also been reduced by 10, from 25 to 15.

Current Penn State football players who want to transfer out and play for another football program are allowed to keep their full eligibility, meaning they won't have to miss any playing time. They'll also be allowed to quit the team while maintaining their scholarships at the University, which will be on probation for five years.

In a statement, the NCAA said "By perpetuating a 'football first' culture that ultimately enabled serial child sexual abuse to occur, The Pennsylvania State University leadership failed to value and uphold institutional integrity, resulting in a breach of the NCAA Constitution and rules."

The University accepted the sanctions given out by signing a consent decree.

Source: tmz.com