We knew they were coming, we were just waiting to see how bad they would be. Today the NCAA revealed the punishments it has put on Penn State University following a child sex abuse scandal in which university officials including former head coach Joe Paterno hid to protect themselves from bad publicity. NCAA president Mark Emmert and Ed Ray, the chairman of the NCAA's executive committee announced the sanctions at a news conference this morning.

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.

"These funds must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university," the NCAA said in statement.

The career record of former head football coach Joe Paterno will reflect these vacated records, the statement continued.

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

The NCAA said the $60 million was equivalent to the average annual revenue of the football program.

The NCAA's announcement followed a day after Penn State removed Joe Paterno's statue outside Beaver Stadium, a decision that came 10 days after a scathing report by former FBI director Louis J. Freeh found that Paterno, with three other top Penn State administrators, had concealed allegations of child sexual abuse made against Sandusky.