A $60 million fine, loss of wins from 1998-2011 and the reduction of scholarships are just a few of the sanctions handed down to Penn State University in the wake of the Jerry Sandusky scandal.

ESPN reports that in addition to the loss of wins, the fine and scholarship reductions - the school's football program will face a 4-year post-season ban, meaning despite how well the team does, it will not be able to play in any post-season games for four years including conference championship game and bowl games.

The $60 million fine, which is equivalent to the average annual revenue generated by the football team, will be placed in an endowment fund to for external programs that work to prevent child sexual abuse, or help victims of sexual abuse.

Sandusky, who worked for the football team under Joe Paterno in the from 1969-1999, was recently convicted of sexually abusing 10 boys. He was fund guilty of 45 of the 48 counts against him.

Current football players will be allowed to transfer from the school to any other program, and play immediately as long as they are academically eligible. This means local schools like the University of Michigan or Michigan State University could pick up some players.