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"The National Collegiate Athletic Association penalized Penn State University in response to their mishandling of the child sex abuse scandal perpetuated by former assistant coach Jerry Sandusky.\nThe team has been banned from post-season bowl games for four years, must vacate all wins since 1998 and forfeits 20 total scholarships each year for a four-year period. The university was also fined $60 million, equal to one year of the football team's gross revenue.\nAccording to NCAA president Mark Emmert, the fine will be used to create an endowment for external programs preventing child sexual abuse.\nWe'll update the Storify below as the story unfolds. \n\n[View the story \"Penn State Sanctions Handed Down by NCAA\" on Storify]\nPhoto by Michael Sanserino, via Twitter."^^<http://www.w3.org/2001/XMLSchema#string>
<http://mashable.com/2012/07/23/ncaa-ruling-penn-stat-media/>