STATE COLLEGE, Pa. – Shortly after Penn State tore down its famed statue of coach Joe Paterno, the NCAA announced Sunday it would impose “corrective and punitive” sanctions against the university in the wake of a devastating report that asserted top university officials buried child sex abuse allegations against a retired assistant coach more than a decade ago.

The NCAA, acting with rare speed, said it will spell out the penalties today. The governing body did not disclose further details.

If precedent holds from recent cases, Penn State will face a loss of scholarships and a multi-year ban from bowl games – and with it, the financial windfall and showcase that comes with postseason play.