http://espn.go.com/college-football/story/_/id/8191027/penn-...

$60 million fine
4 Year postseason ban
A bunch of scholarships stripped (10 initial and 20 per year for 4 years)
5 year probation for atheletic department
All of Paterno's wins since 1998 vacated (not sure if that means for his record or the school's record.)

This is a pretty substantial punishment. Four year postseason bans are quite rare (only Indiana has had one since 1960 per ESPN, for "improper recruiting inducements"), and that means any player on the team can transfer to any other school without having to sit out a year. Basically you can write off any decent Penn State teams for the forseeable future but the program has a chance to redeem itself. Seems fair to me.

I know some want the entire program nixed, but that would be a rather knee-jerk reaction. Better to have a severe punishment with the possibility of redemption down the line rather than destroy the program and basically punish tens of thousands of people (who had nothing to do with the scandal) going forward. Jo Pa's dead, his legacy is shot, no more can be done to him. Everyone else involved is no longer affiliated with the school. Sandusky will never see a day outside of prison again and the NCAA's hammer came down on PSU about as strictly as it could without obliterating the program entirely.

/On a side note, a lot of Big Ten teams are on the "longest bans" list, which is rather surprising.

PSU 4 year ban this year
Indiana 4 year ban in 1960
Michigan State 3 year ban in 1976

Only two other teams were listed (Oklahoma St. and Houston) so the Big Ten makes up 60% of this list! Granted the most recent before this one was 1976 (before I was even born) but still that's not great for the reputation of my cherished Big Ten (Michigan alum).