Penn State fined, hit with bowl ban

Penn State\'s football program, as a result of child-abuse allegations, was hit with a $60 million fine and a four-year post-season ban Monday by the NCAA. The fine, said by the NCAA to amount to one year\'s gross revenue for the Penn State football program, post-season ban and reduction in initial scholarships by 10 for four seasons, a vacating of records from 1998-2011 and a 5-year probation period reflect some of the stiffest penalties ever handed down by the NCAA. NCAA President Mark Emmert said his decision regarding the \"very, very, very serious sanctions\" were the result of the \"perverse and unconscionable\" actions that led to years of child sex abuse by former Penn State assistant Coach Jerry Sandusky to occur. Emmert said Penn State signed a consent decree regarding the actions. He also said any Penn State football player could transfer to another NCAA member and be immediately eligible to compete. Penn State will lose 10 scholarships -- a reduction from 25 to 15 a year -- for four years. Sandusky was convicted last month of 45 of 48 counts of sexual abuse. He is expected to be sentenced in September. Prior to Sandusky\'s trial, several Penn State officials were dismissed after they were charged with perjury related to the abuse allegations. Penn State fired Coach Joe Paterno late last season because of reaction to the breadth and long time frame of the allegations. Paterno died Jan. 22. After the Sandusky trial, an independent investigation led by former FBI Director Louis Freeh concluded Paterno and other Penn State officials were aware of allegations against Sandusky as far back as 1998. The Freeh report said the officials \"failed to protect against a child predator harming children for more than a decade.\" Among the actions the school has taken since the report was the removal of a statue of Paterno statue last week from outside Beaver Stadium.