The NCAA has fined Penn State $60 million for their role in the Jerry Sandusky scandal. The university will also forfeit all victories back to 1998 and be banned for four-years from participating in bowl games.

According to ESPN, Penn State must also reduce 10 initial and 20 total scholarships each year for a four-year period.

A news conference was held in Indianapolis at the organization's headquarters. NCAA president Mark Emmert and Ed Ray, chairman of the NCAA's executive committee and Oregon State president spoke at the announcement.