Today, we have read the NCAA release on Penn State University. We note in the release, and have independently confirmed, that Penn State has accepted the factual findings in the July 12, 2012 Report of the Special Investigative Counsel prepared by Louis Freeh and his firm (the Freeh Report). Based on the findings, as accepted by Penn State, we fully support the actions taken by the NCAA. Further, following a thorough review of the Freeh Report, the COPC has voted to impose the following additional sanctions on Penn State, effective immediately:

1. Censure: The accepted findings support the conclusion that our colleagues at Penn State, individuals that we have known and with whom we have worked for many years, have egregiously failed on many levels--morally, ethically and potentially criminally. They have failed their great university, their faculty and staff, their students and alumni, their community and state--and they have failed their fellow member institutions in the Big Ten Conference. For these failures, committed at the highest level of the institution, we hereby condemn this conduct and officially censure Penn State.

2. Probation: The Big Ten Conference will be a party to the Athletic Integrity Agreement referenced in the NCAA release, and will work closely with the NCAA and Penn State to ensure complete compliance with its provisions over the 5 year term of the Agreement.

3. Ineligibility: As referenced in the NCAA release, Penn State's football team will be ineligible for postseason bowl games. It will also be ineligible for Big Ten Conference Championship Games for four years, a period of time that runs concurrently with the NCAA postseason bowl ban imposed this morning.

4. Fine: Because Penn State will be ineligible for bowl games for the next four years, it will therefore be ineligible to receive its share of Big Ten Conference bowl revenues over those same four years. That money, estimated to be approximately $13 million, will be donated to established charitable organizations in Big Ten communities dedicated to the protection of children.