(CNN) -- The National Collegiate Athletic Association announced a $60 million fine against Penn State University on Monday and banned its football team from the postseason for four years.

The school will also forfeit all football wins from 1998, NCAA President Mark Emmert said. That decision strips the late Joe Paterno of the title of winningest coach in major football college history.

While the school's football program will not face the so-called "death penalty" that would have prevented the team from playing in the fall, the school might have preferred a one-year suspension because of the severity of the scholarship losses, a four-year postseason sanctions and other penalties, a source familiar with the case told CNN on Sunday

The punishment is part of the continued fallout from the child sex abuse scandal involving former assistant football coach Jerry Sandusky, who was convicted in late June of 45 of the 48 counts he faced involving 10 young victims.