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    Glance: NCAA slams Penn State and fines it $60M

    By The Associated Press | Associated Press – Tue, Jul 24, 2012

    The football program at Penn State was all but leveled by penalties handed down for its handling of the allegations against former assistant football coach Jerry Sandusky, who molested several boys over a period of 15 years.

    — The NCAA imposed an unprecedented $60 million fine, a four-year ban from postseason play and a cut in the number of football scholarships it can award.

    — The NCAA also erased 14 years of victories, wiping out 111 of Hall of Fame coach Joe Paterno's wins and stripping him of his standing as the most successful coach in the history of big-time college football.

    — The Big Ten said Penn State will not be allowed to share in the conference's bowl revenue during the NCAA's postseason ban, an estimated loss of about $13 million.

    — The sanctions raise the specter of an exodus of athletes, with the NCAA saying current or incoming football players are free to immediately transfer and compete at another school.

    — "This is not a fair or thoughtful action; it is a panicked response to the public's understandable revulsion at what Sandusky did." — the Paterno family

    — "We prepared ourselves for it, and today was just the icing on the cake. I love Penn State to death, but I have to do what's best for me, and I'm going to look elsewhere." — Ross Douglas, a defensive back from Avon, Ohio, who backed out of his commitment to Penn State.

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