THE NCAA SLAMMED Penn State for the Jerry Sandusky sex abuse scandal on Monday with an unprecedented series of penalties, including a $60 million fine and the loss of all the school’s victories from 1998-2011, knocking Joe Paterno from his spot as major college football’s winningest coach.

Other sanctions include a four-year ban on postseason games that will prevent Penn State from playing for the Big Ten title, the loss of 20 scholarships per year over four years and five years’ probation. The NCAA also said that any current or incoming football players are free to immediately transfer and compete at another school.

NCAA President Mark Emmert announced the staggering sanctions at a news conference in Indianapolis. Though the NCAA stopped short of imposing the “death penalty” — shutting down the Nittany Lions’ program completely — the punishment is so severe, it’s more like a slow-death penalty.

Sandusky, a former Penn State defensive coordinator, was found guilty in June of sexually abusing young boys, sometimes on campus. An investigation commissioned by the school and released on 12 July found that Paterno, who died in January, and several other top officials at Penn State stayed quiet for years about accusations against Sandusky.

Emmert fast-tracked penalties rather than go through the usual circuitous series of investigations and hearings. The NCAA said the $60 million is equivalent to the annual gross revenue of the football program. The money must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at Penn State.

“Football will never again be placed ahead of educating, nurturing and protecting young people,” Emmert said.

By vacating 112 Penn State victories over a 14-year period, the sanctions cost Paterno 111 wins. Former Florida State coach Bobby Bowden will now hold the top spot in the NCAA record book with 377. Paterno, who was fired days after Sandusky was charged, will be credited with 298 wins.

The scholarship reductions mean that Penn State’s roster will be capped at 65 scholarship players within a couple of seasons. The normal scholarship limit for major college football programs is 85. Playing with 20 less is crippling to a program that tries to compete at the highest level of the sport.

Emmert had earlier said he had “never seen anything as egregious” as the horrific crimes of Sandusky and the cover-up by Paterno and others at the university, including former Penn State President Graham Spanier and athletic director Tim Curley.

The investigation headed by former FBI Director Louis Freeh said that Penn State officials kept what they knew from police and other authorities for years, enabling the abuse to go on.

There had been calls across the nation for Penn State to receive the “death penalty,” and Emmert had not ruled out that possibility as late as last week — though Penn State did not fit the criteria for it. That punishment is for teams that commit a major violation while already being sanctioned.

Penn State has already agreed to not fight the sanctions.

Emmert said the university and the NCAA have signed a consent decree, essentially a pact signing off on the penalties.

“This case is obviously incredibly unprecedented in every aspect of it, as are these actions that we’re taking today.”