The penalties stem from a months long investigation into the Jerry Sandusky sex abuse scandal.
In a press conference, NCAA President Mark Emmert said:
1. Penn State will be fined $60 million
2. The university is not allowed to participate in bowl games for the next four years
3. The number of scholarships has been reduced from 25 to 15 for the next four years
4. Penn State must vacate all wins from 1998 to 2011
5. Penn State athletics will be under probation for the next five years
Emmert also said the NCAA reserves the right to impose more sanctions, if necessary.