The NCAA has announced its punishment of Penn State at a press conference in Indianapolis:
• A $60 million fine, with the proceeds going to an endowment fund for victims of sexual abuse.
• A four-year bowl ban.
• Vacated all Penn State victories from 1998 to 2011.
• A reduction of annual scholarships from 25 to 15 for four years. Current players will be permitted to transfer and have immediate eligibility elsewhere.
• Five-year probation in which the university will have to work with an NCAA monitor.
NCAA president Mark Emmert said Penn State has signed a consent decree and will not appeal. More to come.