NCAA Hits Penn State with Severe Sanctions

Penn State employees cover the Joe Paterno statue outside of Beaver Stadium before removing it on Sunday, July 22, 2012, in State College, Pa. Photo by Christopher Weddle/ Centre Daily Times/ MCT via Getty Images.

In the latest blow to Penn State, the NCAA announced Monday morning sanctions against the university's football program following the child abuse scandal involving former assistant coach Jerry Sandusky. NCAA President Mark Emmert announced the key points of the punishment:

A $60 million fine

Four year ban on postseason play

Nullifying all team wins from 1998-2011

The immediate loss of 10 scholarships and then 20 fewer scholarships per year for four years

Five year probation for the program

Current players are allowed to transfer to other programs without penalty or losing eligibility to play

The NCAA fell short of imposing the "death penalty" that would have entirely canceled the football program. The move comes after the findings of an investigation into the scandal by former FBI director Louis Freeh that concluded the leadership of the university and former head football coach Joe Paterno covered up the abuse by Sandusky and put children in danger. The NCAA did not conduct their own investigation and Emmert called on the board to provide him powers to take this action.

"Rather than allowing the tedious infractions process to churn on for years, there was no NCAA investigation, no hearings, no letter of inquiry, no reports, no chance for formal response, no nothing. Rather than wait for criminal cases and every last bit of evidence to trickle in, this was Emmert reading the school's own Freeh Commission report and deciding enough was enough," Dan Wetzel wrote for Yahoo! Sports.

On Sunday, Penn State took down a statue of Paterno that had stood outside the football stadium.

We will have more on NCAA sanctions against Penn State on tonight's NewsHour.