Jul 23, 2012 01:44 PM EDT By Staff Reporter, UniversityHerald Reporter

In the final chapter of the Jerry Sandusky child sex abuse scandal, fines in excess of $60 million are to be levied against Penn State University by the National College Athletic Association. According to NCAA president Mark Emmert, the fines will be paid over five years, funding programs to serve victims of child sexual abuse.

In addition to these unprecedented fines, the university's football program will undergo severe "corrective and punitive measures" to account for Joe Paterno's inaction to the grave injustices endured by Sandusky's victims over ten years of sexual abuse.

Penn State has agreed to the following penalties:

-          14 seasons of football victories under Paterno will be rescinded, spanning years 1998-2011. (1998 was the first year that Sandusky was known to sexually abuse a child on Penn State's campus).

-          The football program will be put on probation for five years.

-          Football scholarships will be reduced from 25 to 15 annually for four years.

-          Post-season play and bowl participation will be banned for four years.

The Big Ten college athletic conference also acted on Monday, ruling that the next four years of Nittany Lions's bowl revenues - totaling approximately $13 million - will be donated to children's charities. In addition, Penn State has been deemed ineligible for its conference title football game.

These punishments are in lieu of a potential "death penalty" on the Penn State football program, which would suspend the program for at least a year.

"There is no action that we can take that will remove their pain and anguish," said Emmert during a Monday morning press conference . "Football will never be placed ahead of educating, nurturing and protecting young people."

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