Joe Paterno is no longer the winningest coach in college football, after the NCAA takes away his wins and slaps the school with a $60 million penalty following the Jerry Sandusky sex abuse case. YNN's Katie Morse has the latest.

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INDIANAPOLIS -- The NCAA has leveled heavy sanctions against Penn State University, including a $60 million fine and erasing 14 seasons from the record books. The punishment is part of the fallout from how university officials handled former assistant football coach Jerry Sandusky. He was convicted last month of sexually abusing 10 boys.

The team will be banned for post-season play for four years. Some expected a death penalty for the team, meaning there would not be a football season. The team will get five less scholarships per year.

Student athletes will be able to transfer to other schools without having to sit a year.