Penn State Fined $60M

    FILE - In this June 22, 2012, file photo, former Penn State University assistant football coach Jerry Sandusky, center, leaves the Centre County Courthouse in custody with Centre County Sheriff Denny Nau, left, after being found guilty of multiple charges of child sexual abuse in Bellefonte, Pa.  Former FBI director Louis Freeh, who led a Penn State-funded investigation into the university's handling of molestation allegations against Sandusky, is scheduled to release his highly anticipated report, Thursday, July 12, 2012.  (AP Photo/Gene J. Puskar, File)

    Gene J. Puskar / AP Photo

    Penn State will be fined $60 million—one year’s worth of revenue from the football team—which will go toward foundations to help victims and the prevention of sexual abuse, the NCAA announced today. Its football team will also be banned from bowl games and any other postseason games for the next four years, and the number of scholarships provided for Penn State athletes will be reduced from 25 to 15 for the next four years. Any students entering or returning on a scholarship will be given the option to transfer schools. Also, wins between 1998 and 2011 will be vacated. The NCAA president acknowledged that the “death penalty,” or suspending the entire program, will not be used.

    Read it at CBS News