NCAA Slams Penn State With $60 Million in Fines and Takes Away All of the School's 112 Football Victories Over a 14-Year Period. Four-Year Postseason Ban Also Imposed AP

"The NCAA slammed Penn State for the Jerry Sandusky sex abuse scandal Monday with an unprecedented series of penalties, including a $60 million fine and the loss of all the school's victories from 1998-2011, knocking Joe Paterno from his spot as major college football's winningest coach," the Associated Press reports. 

The story continues, "Other sanctions include a four-year ban on postseason games that will prevent Penn State from playing for the Big Ten title, the loss of 20 scholarships per year over four years and five years' probation. The NCAA also said that any current or incoming football players are free to immediately transfer and compete at another school."

The AP story notes that "Sandusky, a former Penn State defensive coordinator, was found guilty in June of sexually abusing young boys, sometimes on campus. An investigation commissioned by the school and released July 12 found that Paterno, who died in January, and several other top officials at Penn State stayed quiet for years about accusations against Sandusky."

The article continues, " 'Football will never again be placed ahead of educating, nurturing and protecting young people,'  [NCAA President Mark] Emmert said. By vacating 112 Penn State victories over a 14-year period, the sanctions cost Paterno 111 wins. Former Florida State coach Bobby Bowden will now hold the top spot in the NCAA record book with 377. Paterno, who was fired days after Sandusky was charged, will be credited with 298 wins."

The story adds that Penn St. has already agreed not to fight the sanctions.