Penn State fined $60M, banned from postseason

The NCAA today announced the penalties for Penn State after the dust began to settle on and facts came to the surface on what has been going on at the college and with the football program. Penn State's penalties include probation during the next five seasons and banishment from participating in bowl games over four seasons, along with a loss in scholarships.

Penn State will also vacate all victories from 1998 through 2011, under former head football coach Joe Paterno.

As a result of the penalties, Paterno's win total of 409 victories has been reduced to 298.

This removes Paterno as the all-time winningest football coach and moves him down to 12th on the list.

The penalties also included a $60 million fine that will be used to stop child sex abuse and help victims.

The Big Ten also banned Penn State from the conference title game for the next four seasons concurrent with the NCAA's four year bowl ban.

Penn State officials decided Sunday to remove the statue of Joe Paterno outside of Beaver Stadium and store it in a "secure location" the day before the penalties were given out by the NCAA.

Former Florida State head coach Bobby Bowden becomes the new standard for FBS football coaches with 377 wins.

James Williams operates the Sports Minded blog. Find Sports Minded on Facebook or follow it on Twitter at twitter.com/sports_minded