NCAA president Mark Emmert stepped up to the podium at Penn State on Monday morning as State College waited in anticipation to see what would happen to their beloved football program, recently rocked by scandal and thrown into disgrace.
Investigator Louis Freeh released a report earlier this month, saying that university administrators and former head football coach Joe Paterno exercised a callous disregard for the well-being of the victims of former assistant coach and convicted child abuser Jerry Sandusky.
Consequently, Emmert and the NCAA have given the Nittany Lions a four-year bowl ban and have vacated all of the team's wins between 1998 and 2011.
The vacating of wins means Paterno is no longer the all-time college football wins leader. That title now belongs to former Florida State coach Bobby Bowden.
Penn State was also fined $60 million, with all the money going toward fighting child sexual abuse.
The number was determined because it is approximately the one-year revenue for the football team.
Emmert said he hoped the fine would allow for some very serious good to be done as a result of such a terrible controversy.
Penn State will also lose 10 scholarships per year for the next four years. However, any entering or returning student athlete can transfer from the university without penalty. Also, any current player can retain his scholarship regardless of whether or not he competes on the football field.
This opens up what will likely be a massive recruitment of Penn State's current players, who can now be taken up by any big-name program with an open spot.
Current high school players now might not want to go to Happy Valley because they would never be able to play for a National Championship or even a postseason berth.
The NCAA will also begin an investigation to impose any sanctions on individuals involved in the scandal as soon as any of their legal matters are resolved.
Many initially speculated that Penn State would receive the death penalty - a complete suspension of the football program for one or more years. Emmert, however, said the NCAA decided against this because it would bring with it significant unintended harm to those unrelated to the football program.
Penn State will finally get back on the field on Sept. 1 with a home game against Ohio.