The NCAA has hit Penn State with a $60 million sanction, a four-year football postseason ban and a vacation of all wins dating to 1998, the organization said Monday morning. The career record of Joe Paterno will reflect these vacated records, the NCAA said.

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

The Penn State athletic program also will be put on a five-year probation and must work with an athletic-integrity monitor of NCAA's choosing. Any current or incoming football players are free to immediately transfer and compete at another school.

Penn State's proceeds from Big Ten bowl revenues from the four years, amounting to an estimated $13 million, will be allocated "to established charitable organizations in Big Ten communities dedicated to the protection of children," the conference said.