The NCAA announced Monday severe penalties against Pennsylvania State University in wake of the sexual scandal involving former assistant coach Jerry Sandusky.

These sanctions include a $60 million fine, a four-year postseason ban and a five-year probationary period, with the NCAA reserving the right to implement further punishment as it sees fit.

In addition, Penn State must vacate all wins from 1998-2011. The loss of 111 wins under Head Coach Joe Paterno drops him from the top of the all-time wins list down to 12th place.

Although Penn State will be allowed to participate in the upcoming season, the NCAA has imposed a scholarship cap, reducing the total number of scholarships from 85 to 65 for four years, as well as the loss of 10 football scholarships for new students.

Penn State President Rodney Erickson released a statement following the announcement saying that the University will accept the NCAA’s ruling.

“The NCAA ruling holds the University accountable for the failure of those in power to protect children and insists that all areas of the University community are held to the same high standards of honesty and integrity,” he said.

The Towerlight will update this story as more information becomes available.