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The NCAA president, Mark Emmert, along with Oregon State president Ed Ray, the chairman of the NCAA Executive Committee, announced the punishments during a press conference held at the NCAA headquarters in Indianapolis.

“The Penn State case yielded bizarre and unconscionable effects. “There is no amount that the NCAA can charge to undo the immense harm that Jerry Sandusky caused to his victims,” Emmert stated, alluding to the former defensive coordinator of Penn State who was found guilty on 45 charges of child sex abuse last month.

According to the NCAA, the $60 million represented the football program’s typical yearly earnings. Penn State was directed by the NCAA to deposit the fine money into an endowment that will be used for “external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university.”

In an interview later on Monday, Penn State president Rodney Erickson told the Centre Daily Times in Pennsylvania, “We had our backs to the wall on this.” He said the school accepted the penalties in order to avoid the so-called “death penalty,” which could have led to the football program’s suspension for at least a year. “We did what we thought was necessary to save the program.”

Speaking to ESPN.com’s Adam Rittenberg in reaction to Erickson’s remarks, Ray stated that the NCAA Executive Committee had unanimously decided on the penalties imposed and denied threatening Penn State with the death penalty.

“It was a unanimous act,” Ray had stated at the press conference. “We needed to act.”

Erickson reaffirmed his fear of the death penalty in an interview with ESPN’s John Barr. The death penalty hasn’t been applied since SMU was forced to abandon football in 1987 due to additional benefit infractions. As it attempted to get back together, the school also chose not to play the following season.

“In the ESPN interview, Erickson stated that the alternative was significantly worse.” “The potential of the [death sentence] existed. They threw around numbers, four being the highest. Everybody experiences trauma from the [death sentence]. For the student-athletes involved, it is traumatizing. The university is going through a trauma. It’s traumatizing for universities, especially smaller ones, similar to what’s happening in central Pennsylvania.”

“That’s the simple solution,” Erickson remarked. “I thought it was better to go down this path than face a multiple-year death penalty.”

Paterno drops from first to 12th place on the list of the most successful NCAA football coaches after the victories from 1998 to 2011 were voided, taking his total wins down to 298. In addition, Penn State will lose two conference titles and six bowl victories.

In addition, the Penn State athletic program will be placed on a five-year probationary period and assigned an NCAA-designated athletic-integrity monitor. Football players, both present and prospective, are free to transfer right away and play for a different institution.

“At the press conference, Ray stated that there is a great deal of curiosity about the future of Penn State football.” “But the fundamental chapter of this horrific story should focus on the innocent children and the powerful people who let them down.”

In a news statement, the Big Ten stated that it is denouncing and censuring the university for “egregiously” failing on “many levels — morally, ethically, and potentially criminally.” The Big Ten fully supports the NCAA’s measures.

The football program has been deemed ineligible for the Big Ten championship game for the four years that the NCAA barred the Nittany Lions from playoff play. Additionally, the conference has placed the university on a five-year probationary period that will run concurrently with the NCAA’s.

An estimated $13 million in Penn State’s earnings from the four Big Ten bowl games would go “to established charitable organizations in Big Ten communities dedicated to the protection of children,” the conference announced.

Less than an hour after the NCAA sanctions were made public, Penn State announced in a statement that it would accept the sanctions and that the “ruling holds the university accountable for the failure of those in power to protect children and insists that all areas of the university community are held to the same high standards of honesty and integrity.”

In the press release, Erickson stated, “The tragedy of child sexual abuse that occurred at our university altered the lives of innocent children.” “Today, as every day, our thoughts and prayers continue to be with the victims of Mr. Sandusky and all other victims of child abuse.”

Former Paterno player Adam Taliaferro, who has since recovered from a spinal cord injury he had in a game in 2000, vented on Twitter.

Taliaferro, who was elected to Penn State’s board of directors in May, tweeted, “NCAA says games didn’t exist.” “To show that it did, I have a metal plate around my neck.Playing 4 PSU, I nearly died. Is that punishment or healing? #WeAre.”

Penn State removed the statue of Paterno outside Beaver Stadium the day before the penalties were imposed. This decision was made ten days after a damning report by former FBI director Louis J. Freeh revealed that Paterno and three other high-ranking Penn State administrators had covered up allegations of child sexual abuse against Sandusky.

According to the Freeh investigation, their goal was to deflect criticism of the university and its football program.

“Today we receive a very harsh penalty from the NCAA and as head coach of the Nittany Lions football program, I will do everything in my power to not only comply, but help guide the university forward to become a national leader in ethics, compliance and operational excellence,” Bill O’Brien, Penn State’s football coach, said in announcement. “I was aware that difficult times lay ahead when I took the job. However, I have a long-term commitment to Penn State and its players.”

The fines cost Paterno 111 victories by nullifying 112 Penn State victories between 1998 and 2011. After Paterno was sacked in November, only days after Sandusky was indicted, Penn State concluded the previous season with a 1-3 record under Tom Bradley as coach.

With 377 major-college victories, former Florida State coach Bobby Bowden will now be ranked first in the NCAA record book. Paterno will receive 298 victory credits. Vacated victories are not the same as forfeits; neither school counts them as a victory or a defeat.