NCAA Fines Penn State $60M, Bans It From Bowls All wins since 1998 voided, but no death penalty By Kevin Spak, Newser Staff Posted Jul 23, 2012 8:30 AM CDT 74 comments Comments This is a Penn State University logo on the side of a merchandise trailer outside Beaver Stadium, on the Penn State University main campus in State College, Pa., Monday morning. (AP Photo/Gene J. Puskar) (Newser) – Penn State didn't get the so-called "death penalty," but the NCAA brought down the hammer pretty hard nonetheless, fining the university $60 million—or about what the football program grosses in one year—and banning it from bowl games for four years. NCAA President Mark Emmert said that though there was no action it could take to remove the victims' pain and suffering, "what we can do is impose sanctions that reflect the magnitude of these terrible acts." Penn State will also have all its wins from 1998 to 2011 voided, and have its football scholarships slashed from 25 to 15 for four years, reports the Patriot-News. Current players will be able to transfer out and play immediately wherever they go, or keep their scholarships even if they leave the team. Emmert said the NCAA chose not to impose the death penalty because it would "bring significant unintended harm to many who had nothing to do with this case."