NCAA president Mark Emmert hit Penn State with a $60 million dollar fine and a 4-year suspension during a press conference.
Saying Penn State was too big to fail, Emmert spared Penn State the dreaded “death penalty.” Instead, he stripped the school of its football wins from 1998 through 2011 — which places Joe Paterno behind football legends Eddie Robinson and Bear Bryant as the most winningest coaches in football history.
In addition to losing 1 year in football revenues, the NCAA also imposed a 4-year bowl ban on Penn State. The NCAA will allow Penn State football players to transfer to other schools where they will be eligible to play immediately.
The announcement came one day after demolition crews tore down the Joe Paterno statue on the Penn State campus. Paterno, who died in January, is accused of turning a blind eye toward the child molestation charges lodged against his former coach Jerry Sandusky.