(ESPN.GO) — 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 financial penalties are huge. But the scholarship reductions Penn State is facing could cripple its football program for years to come.

The NCAA revealed the sanctions as NCAA president Mark Emmert and Ed Ray, the chairman of the NCAA’s executive committee and Oregon State’s president, spoke at a news conference in Indianapolis at the organization’s headquarters.

“In the Penn State case, the results were perverse and unconscionable. No price the NCAA can levy will repair the grievous damage inflicted by Jerry Sandusky on his victims,” Emmert said, referring to the former Penn State defensive coordinator convicted of 45 counts of child sex abuse last month.

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