The NCAA has just hit Penn State University with a $60 million fine for its role in concealing the sexual abuse scandal of Jerry Sandusky.

According to reports, NCAA President Mark Emmert announced that in addition to the huge amount of fine, Penn State University will also be banned from bowl games for the next four years. NCAA will also vacate all Penn State football wins from 1998 to 2011.

NCAA’s decision to remove all the wins of Penn State will have a dramatic effect on former football coach, Joe Paterno’s all-time career win record. As such, he will lose 111 total wins from his record, making Paterno drop behind Florida State football legend Bobby Bowden and Alabama’s Bear Bryant. From #3, Joe Paterno will drop to #12.

The football team of Penn State University will also have its football scholarships reduced from 25 to 15 a year for the next four years. All football players from PSU will also be allowed to transfer out of the school to any other school of their choice the soonest possible time, while keeping full eligibility. In other words, a football player from Penn State University may transfer to Ohio State next season and start immediately. The PSU football players are also allowed to quit from the football team and still keep their scholarships while continuing to attend Penn State in pursuit of a degree. The athletic program of the university is said to be on probation for five years.

The NCAA said it reserves the right to conduct an investigation into individuals to impose even more sanctions, if necessary, due to the sex abuse scandal that rattled the whole university.

The $60 million fine of Penn State University imposed by NCAA is equivalent to the football program’s gross revenue for one season. NCAA said that the money “must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university.”

The NCAA added that it initially considered a sanction of “death penalty” — the elimination of the PSU’s football program for one season — but then decided the punishment it chose will have a deeper impact in changing the culture at Penn State University. The school signed a consent decree, meaning that the university is on board with all of the sanctions.

The NCAA explained, “By perpetuating a ‘football first’ culture that ultimately enabled serial child sexual abuse to occur, The Pennsylvania State University leadership failed to value and uphold institutional integrity, resulting in a breach of the NCAA Constitution and rules.”

The family of the late football coach, Joe Paterno, has responded to the sanctions given by NCAA to PSU, claiming that they “defame the legacy and contributions of a great coach and educator without any input from our family or those who knew him best.”

The family added, “Punishing past, present and future students of the University because of Sandusky’s crimes does not serve justice. This is not a fair or thoughtful action; it is a panicked response to the public’s understandable revulsion at what Sandusky did.”