Indianapolis, IN (WIBX) - Although Penn State's football program was able to avoid the death penalty, the judgement levied by the NCAA will be felt by the school for years to come.

The NCAA announced its decision this morning to fine Penn State $60 million dollars, due to not stopping former assistant football coach Jerry Sandusky from sexually abusing children.

Money raised from the fines will be used to promote programs to serve victims of sexual abuse.

Penn State will also be unable to compete in bowl games for four years, and, according to the Boston Globe, will lose all of its wins from 1998 until the end of the 2011 season. Joe Paterno, the coach behind the Nittany Lions for 46 years, will also vacate those wins.

The NCAA's decision comes only one day after construction crews removed a seven foot tall statue of the famed coach from the campus, storing it away in a hidden location.