The Crystal Ball Run website wraps up the details here:
NCAA President Mark Emmert announced early on Monday morning in a Press Conference that Penn State would face a four-year postseason ban, a $60 million fine, a reduction in scholarships from 20 to 15 per year for four seasons, they must vacate all victories from 1998 to 2011, and there will be a whole new level of oversight from the NCAA over the next five years as a result of it's years of cover up by high ranking athletic department and university officials regarding Jerry Sandusky and child sex abuse.
One of the biggest changes for Penn State on an administrative level going forward is the establishment of an Athletic Integrity agreement between the athletic department and the NCAA. It will include a new Athletic Integrity monitor based at Penn State that will report to the NCAA on a quarterly basis over the next five years.
As for the players currently at Penn State or about to enter Penn State? They will be allowed to transfer for the '12-'13 season and be eligible to play right away. Additionally the schools taking in those players will not see the scholarships count against them in this upcoming season.
My first thought is wow. Looking at this from a football perspective the big hits are the huge reduction in scholarships and the ability for players to transfer and be eligible immediately. The reduction of scholarships will have the Nittany Lions going from being able to recruit 25 players a year to just 15 or 20. That leaves little room for error when recruiting prospects, every player needs to be able to contribute and they have to make sure character is a big focus. The ability for players to transfer immediately due to the four-year bowl ban will also hurt as the players now hold all chips. If we see a mass exodus of players then Penn State could go from good to bad really quickly. That might be the most interesting aspect of all of this, seeing what happens with the players on campus and the recruits that are coming on campus. How many will leave?
The NCAA had to do something about this and they did. The collateral damage caused by the Penn State administration's decision at many points to turn a blind eye had to be addressed. The NCAA can't make this situation right but what it did was serve a big warning that failure to monitor and essentially "do the right thing" in terms of basic human decency is not going to be tolerated. The fallout for Penn State has just began. It won't help to right a wrong but it will serve as a reminder about how not to treat people and how not to run a University.