At Monday’s press conference, the NCAA announced the sanctions it will impose on Penn State as a result of the Jerry Sandusky scandal. The University will be fined $60 million, a ban of post-season play for four years, reduction of scholarships for four years, and vacating all wins from 1998-2011. This means that Joe Paterno is no longer the winningest college football coach of all time. The $60 million is supposedly the amount of one year of gross revenue from the football team. Money from the fine will be used to establish an endowment to help child victims of sexual abuse. The NCAA Board of Directors approved the penalties.