Penn State penalties are as follows:

1. $60 million fine (equivalent of 1 year of football revenue).  Fine will be distributed to child welfare groups.
2. PSU to vacate all wins from 1998 making Bobby Bowden the all time winningest coach. (111 wins vacated, Paterno now #5 on the all time list with a record of 298-136-3
3. Penn State must also reduce 10 initial and 20 total scholarships each year for a four-year period.
4. PSU not eligible for a bowl game or any postseason game for the next four years.
5. PSU on probation for five years.
6. NCAA also reserves the right to reopen the case at any time.
7. PSU players can transfer, without penalty or eligibility ramifications.

This is not as bad as I heard last night and is not the death penalty but the death penalty might have been preferable.