9:49 a.m.: And with that, Emmert is done at the podium.
Once again, to review, here is what the NCAA handed down to Penn State.
Current head coach Bill O'Brien is reportedly set to meet with his team at 10 a.m., presumably to discuss these heavy sanctions. It will be the first step in the long road for the Nittany Lions moving forward.
9:44 a.m.: Emmert dances around a question about Joe Paterno, saying that they're going to wait until after the investigation to deal with individuals.
9:42 a.m.: Emmert: "This [$60 million fine] cannot come at the expense of non-revenue sports or student-athlete scholarships."
9:40 a.m.: There were no real talks of self-imposed sanctions. This was all the NCAA, says Emmert.
9:36 a.m.: Emmert on the death penalty: "When you think about a suspension of play, it's not just about the opponents you're going to play."
Emmert talked about the issue of "collateral damage to the innocent," reiterating that the death penalty would have punished too many people.
9:33 a.m.: Emmert continues to preach the importance of ambiguous values and qualities like "intgerity," which at the very least, is kind of ironic considering he's the president of the NCAA and everything.
9:31 a.m.: As SB Nation points out, Joe Paterno's career win total is now 298, after the NCAA vacated wins from 1998-2011.
9:30 a.m.: Emmert: "The fundamental message — the gut check message — is do we have the right balance in our culture?"
9:29 a.m.: Emmert: "There's nothing in this situation that anyone should feel good about."
9:27 a.m.: Emmert says that this was a "horifically egregious" situation on the part of Penn State.
He also says that the process in this case was different than typical cases the NCAA rules on.
He admits that the Freeh Report gave enough information for the board to rule and hand down these sanctions.
9:23 a.m.: Emmert says that the NCAA could "reopen" the case if Penn State doesn't live up to its end of the bargain so to speak.
9:20 a.m.: Penn State has also signed a consent agreement and they have already been notified of the sanctions.
9:19 a.m.: A couple of notes on the $60 million fine.
First, the money will go to establish an endowment fund that will benefit child abuse charities across the country.
The $60 million fine also represents one year of gross revenue for the football program.
9:16 a.m.: Emmert discussed the notion of the death penalty, and while he admitted that the sanctions "needed to reflect the goal of cultural change," he expressed that it wouldn't be fair to many people who would be negatively affected by such action.
9:15 a.m.: More sanctions from the NCAA:
$60 million fine
Four-year scholarship reduction from 25 to 15
Players will be able to transfer and play in first year at new school
Penn State wins from 1998-2011 will be vacated
Five years probation
9:10 a.m.: Wow, the NCAA comes down hard on Penn State, beginning with a $60 million fine.
9:08 a.m.: NCAA president Mark Emmert says that there has been "tragic damage done to the victims and their families. … There is no action that we can take that can remove that pain and anguish."
9:00 a.m.: Penn State is about to learn its fate, and there's no one who thinks it will end good for the Nittany Lions.
The NCAA has worked quickly and very swiftly, and on Monday morning, they'll announce the punishment that will be handed out to Penn State in wake of Jerry Sandusky's unspeakable acts and the cover up that followed.
The university is expected to be slammed with any sort of combination of lost scholarships, TV bans and a hefty fine.
The college is, however, unexpected to face the death penalty.