Gene J. Puskar / AP

Laura Lovins, center, a Penn State University sophomore from State College, Pa., reacts while watching a television on the main campus as the NCAA sanctions against the school's football program were announced July 23.

Penn State fans, students, faculty and alumni reacted Monday to crippling NCAA sanctions levied against the school’s football team.

NBC News reports: The fines and loss in revenue totaling roughly $73 million — a $60 million fine from the NCAA and the loss of $13 million in Big Ten bowl revenue, all of which will go to charities to benefit victims of child sex abuse — as well as the four-year bowl ban drew a majority of the headlines, but it was two other provisions in the sanctions that have the potential to damage the Nittany Lions for the long haul.

First and foremost, the Nittany Lions were stripped of dozens of scholarships, beginning next year, over the next four years, as well as a cap on the number of scholarship players on its roster beginning in 2014.

John Beale / AP

Workers handle the statue of former Penn State football coach Joe Paterno before removing the statue Sunday, July 22, in State College, Pa. The famed statue of Paterno was taken down from outside the Penn State football stadium Sunday, eliminating a key piece of the iconography surrounding the once-sainted football coach accused of burying child sex abuse allegations against a retired assistant.

Meanwhile, the NCAA said that that it would levy "corrective and punitive measures" against Penn State in the wake of the child sex-abuse scandal involving former football assistant coach Jerry Sandusky. The organization announced Sunday that it would spell out the sanctions on Monday but disclosed no details.

NCAA President Mark Emmert hasn't ruled out the possibility of shutting down the Penn State football program in the wake of the scandal, adding that he had "never seen anything as egregious."

-- Reported by the Associated Press

Read the full story.

Patrick Smith / Getty Images

A sign rests at the site in which the statue of former Penn State University football coach Joe Paterno stood sits empty after it was removed by workers outside Beaver Stadium on July 22, in State College, Pa. Penn State's president Rodney Erickson made the decision Sunday to remove the statue in the wake of the child sex scandal of former assistant football coach Jerry Sandusky.

Follow @msnbc_pictures

Patrick Smith / Getty Images

Mourners line the sidewalks of Penn State along College Ave., as a procession carries former Penn State Football coach Joe Paterno from the Pasquerilla Spiritual Center to his burial site on Jan. 25. Paterno, who was 85, died on Jan. 22, due to complications from lung cance

Gene J. Puskar / AP

A man kneels in prayer near a statue of legendary Penn State football coach Joe Paterno, Jan. 25.

Former Penn State football coach Joe Paterno's funeral procession drove slowly past Beaver Stadium and through the town where he lived and worked for more than 60 years.

Thousands of mourners waited on the sidewalks, four deep and more in some places, for a glimpse of the electric-blue hearse carrying Paterno's casket. The convoy also included buses filled with Paterno's family, former players and other guests.

Paterno died of lung cancer Sunday at 85. He served as the school's head football coach for 46 years and won two national titles before being fired in November in the wake of a child sex-abuse scandal involving a former assistant.

--The Associated Press contributed to this blog post

Related links:

• 'We laid to rest a great man' 
• Joe Paterno: 1926 - 2012

Patrick Smith / Getty Images

Students leave notes on a cardboard cutout of former Penn State Football coach Joe Paterno in the Pattee and Paterno Libraries on the campus of Penn State on Jan. 24.

Mourners waited for hours on Tuesday for the chance to file past Joe Paterno's closed casket at the Pasquerilla Spiritual Center during a public viewing session.

There is another public viewing Wednesday, and after that Paterno's family will hold a private funeral and procession through State College.

The 85-year-old Paterno, the winningest coach in major college football history, died Sunday of lung cancer. He had been fired just days before learning of his diagnosis in November.

Related links:

• PhotoBlog: Mike McQueary and others attend Joe Paterno viewing
• Joe Paterno: 1926-2012

Patrick Smith / Getty Images

Mourners wait outside before paying respect to former Penn State football coach Joe Paterno during a public viewing at the Pasquerilla Spiritual Center on the campus of Penn State on Jan. 24.

Follow @msnbc_pictures

Photos by Pat Little / Reuters

Former Penn State football assistant coach Mike McQueary, right, waits with fellow mourners prior to a public viewing of former head coach Joe Paterno at Penn State University on Jan. 24, 2012. Mourners of Paterno adjusted to life without the man who was the face of the university for half a century on Monday while coming to terms with a legacy tainted by his inactive role in a child sexual abuse scandal.

Former Penn State football assistant coach Mike McQueary is embraced by a fellow mourner.

The Associated Press reports Penn State football players past and present filed past the closed casket of Joe Paterno at the campus spiritual center Tuesday, mourning the coach who helped shape the university for more than a half century. Among those paying their respects was Mike McQueary, a key figure in the events that led to Paterno's firing.

The 85-year-old Paterno, the winningest coach in major college football, died Sunday. His lung cancer was disclosed in November, just days after he was fired.

Related stories:

• Joe Paterno: 1926 - 2012
• Michael Ventre: Paterno’s greatness can’t erase a bad ending
• Lydell Mitchell: ‘We won’t let Joe’s legacy die’
• Paterno’s passing will have a minimal effect on the scandal case

Follow @msnbc_pictures

Alex Brandon / AP

Margaret Bigham, left, and Jake Bigham, from near Charleston, S.C., pause ion remembrance around a statue of Penn State football coach Joe Paterno, outside Beaver Stadium on the Penn State campus Monday, Jan. 23, 2012 in State College, Pa. Paterno died Sunday morning.

Pat Little / Reuters

Mural artist Michael Pilato adds a halo on Joe Paterno to a mural he created, several years ago, in Downtown State College, Pennsylvania January 23, 2012. Mourners of Penn State football coach Joe Paternoadjusted to life without the man who was the face of the university for half a century on Monday while coming to terms with a legacy tainted by his inactive role in a child sexual abuse scandal.

Alex Brandon / AP

A newspaper with the headline re-written, is left in remembrance around a statue of Penn State football coach Joe Paterno, outside Beaver Stadium on the Penn State campus on Monday in State College, Pa. Paterno died Sunday morning.

Butch Comegys / The Scranton Times-Tribune via AP

A memorial is displayed at the Nittany Lion Sculpture Garden in memory of legendary Penn State football head coach Joe Paterno on Monday, Jan. 23, 2012 at the Penn State Worthington/ Scranton campus in Dunmore, Pennsylvania. Paterno died Sunday morning.

Gene J. Puskar / AP

The flag in front of Old Main on the Penn State University campus is lowered to half-staff on Monday, Jan. 23, 2012 in State College, Pa., in honor of legendary Penn State football coach Joe Paterno. Paterno, a sainted figure at Penn State for almost half a century but scarred forever by the scandal involving his one-time heir apparent, died Sunday, Jan. 22, 2012 in State College. He was 85.

From the full story:

"He died as he lived. He fought hard until the end, stayed positive, thought only of others and constantly reminded everyone of how blessed his life had been. His ambitions were far reaching, but he never believed he had to leave this Happy Valley to achieve them. He was a man devoted to his family, his university, his players and his community," Paterno's family said in a statement.

While at Penn State's helm, Paterno, who was born in Brooklyn, N.Y., led the Nittany Lions to seven undefeated seasons and two NCAA championships, had only five losing seasons, was inducted into the College Football Hall of Fame in 2007, and was nominated for a Presidential Medal of Freedom. The nomination was revoked, however, after the scandal broke.

Joe Paterno and Penn State previously on PhotoBlog.

Follow @msnbc_pictures

Gene J. Puskar / AP

People gather around a statue of Joe Paterno outside Beaver Stadium on the Penn State University campus after learning of his death Sunday, Jan. 22, in State College, Pa.

Doug Pensinger / Getty Images

Head coach Joe Paterno and the Penn State Nittany Lions look on before facing the Iowa Hawkeyes at Beaver Stadium on Oct. 23, 2004, in State College, Pa. According to reports from family, Paterno was taken off of life support and died at the age of 85 on Jan. 22.

CollegeFootballTalk reports:

The legendary former Penn State head coach was surrounded by family and friends, who had been summoned to the on-campus hospital when Paterno’s health took a turn for the worse recently.

“It is with great sadness that we announce that Joe Paterno passed away earlier today,” a statement from the family read. ”His loss leaves a void in our lives that will never be filled. He died as he lived. He fought hard until the end, stayed positive, thought only of others and constantly reminded everyone of how blessed his life had been. His ambitions were far reaching, but he never believed he had to leave this Happy Valley to achieve them. He was a man devoted to his family, his university, his players and his community.”

Full story - Joe Paterno: 1926-2012

Follow @msnbc_pictures

Tim Shaffer / Reuters

Members of the Penn State football team, right, greet fans outside of Beaver Stadium prior to their game against Nebraska in State College, Pa., Nov. 12. Police boosted security with mounted officers and helicopters for Penn State University's final home football game on Saturday following the firing of its revered coach Joe Paterno amid a child sex abuse case involving former defensive coordinator Jerry Sandusky.

Patrick Smith / Getty Images

A fan sets up his Penn State flag before Penn State plays Nebraska at Beaver Stadium on Nov. 12, in State College, Pa. Head football coach Joe Paterno was fired amid allegations that former Penn State defensive coordinator Jerry Sandusky was involved with child sex abuse. Penn State is playing their final home football game against Nebraska.

Patrick Smith / Getty Images

A fan holds up a sign before Penn State players make their way into the stadium to play Nebraska in a college football game at Beaver Stadium on Nov. 12, 2011 in State College, Pa.

Gene J. Puskar / AP

Penn State interim head coach Tom Bradley greets the student section during warm ups before an NCAA college football game against Nebraska in State College, Pa., Nov. 12.

 According to AP:

 "We are obviously in a very unprecedented situation," Bradley said Thursday. "I just have to find a way to restore the confidence and to start a healing process with everybody."

The scandal would be damaging enough to a university that prides itself on its integrity. That it involved Paterno, major college football's winningest coach and the man who'd come to symbolize all that was good at Penn State, made it that much worse.

Thousands of angry students paraded through the streets after Paterno was fired Wednesday night, some throwing rocks and bottles and tipping over a TV news van.

"Having (Paterno) taken away from us made us feel lost," Leah Blasko, a junior from Pittsburgh, said at the candle light vigil held Friday night as a show of support for the alleged victims. "Tonight really gave us a place to put ourselves back together."

Read the full story here.

Matt Rourke / AP

People gather in front of the Old Main building for a candlelight vigil on the Penn State campus, Friday, Nov. 11, 2011, in State College, Pa.

Matt Rourke / AP

People gather in front of the Old Main building on Friday night.

Alex Brandon / AP

Penn State student Caitlin Kwiatkowski lights candles at the start of a candlelight vigil on Friday night.

AP reports:

 STATE COLLEGE - Candles, not police lights, have lit Penn State's campus as thousands of students and supporters gather for the victims in a child sex abuse scandal roiling one of the nation's largest universities.

 Friday night's vigil was organized by students in the wake of a shocking grand jury report that accuses a retired assistant football coach of sexually assaulting boys, sometimes at university facilities. The report suggests school officials didn't aggressively investigate or report the activity. Read the full story here.

Jeff Swensen / Getty Images

People are seen walking along the campus of Penn State University following a night of rioting at the school in response to the firing of head football coach Joe Paterno in the wake of the Jerry Sandusky scandal Nov. 10, in State College, Pennsylvania. Paterno was fired amid allegations that former former Penn State defensive coordinator Jerry Sandusky was involved with child sex abuse.

Penn State's campus has been at the center of attention since news broke that Jerry Sandusky, a former defensive coordinator under legendary football coach Joe Paterno, has been charged with sexually abusing eight young boys over a 15-year-period. Riots occurred last night after Joe Paterno was fired with only three games left in his final season. He had announced his plan to retire as the story gained momentum. Today, students held quieter gatherings on campus to express solidarity with the alleged rape victims.

Jeff Swensen / Getty Images

Penn State engineering student Pat Dawe reads the Daily Collegian at Old Main, in the center of Penn State University's campus.

Jeff Swensen / Getty Images

Penn State students gather at Old Main, at the center of Penn State University's campus, to express solidarity with the alleged rape victims.

Jeff Swensen / Getty Images

Penn State students gather at Old Main, at the center of Penn State University's campus, to express solidarity with the alleged rape victims following a night of rioting.

More about this story:

New York Times: Paterno aide engulfed in Penn State abuse case

NBC Sports: DA who didn't charge Sandusky missing since '05

The (Penn State) Collegian

Gene J. Puskar / AP

Penn State football coach Joe Paterno, left, and his wife, Susan, stand on their porch to thank supporters gathered outside their home. Nov. 9, 2011, in State College, Pa.

Reuters reports:

STATE COLLEGE, Pa — "I am disappointed with the Board of Trustees' decision, but I have to accept it," the legendary coach said in a statement. "A tragedy occurred, and we all have to have patience to let the legal process proceed."

Paterno thanked all the Penn State fans, supporters, players, coaches and staff.

"Everyone should remain calm and please respect the university, its property and all that we value," he said.

Read the full story here.

Matt Rourke / AP

Penn State students and others gather off campus, one holding a cutout of football coach Joe Paterno, Wednesday, Nov. 9, 2011, in State College, Pa., after the firing of Paterno and university president Graham Spanier.

Patrick Smith / Getty Images

Students and those in the community fill the streets and react after football head coach Joe Paterno was fired. Nov. 9, 2011 in State College, Pa.

Patrick Smith / Getty Images

Students and those in the community fill the streets and react after football head coach Joe Paterno was fired, Nov. 9, 2011 in State College, Pa.

Matt Rourke / AP

Penn State students and others gather off campus following the firing of football coach Joe Paterno and university president Graham Spanier amid the growing furor over how the school handled sex abuse allegations against an assistant coach, Wednesday, Nov. 9, 2011, in State College, Pa.

NBCPhiladelphia.com reports:

Penn State students -- by the thousands -- crowded into the streets on campus in State College Wednesday night after football coach Joe Paterno was fired by the Board of Trustees.

Riot police were in place as crowds descended on Beaver Avenue around 10 p.m. When police told students to disperse, they headed toward the Old Man Building, according to PennLive.com.
 Read the full story here.

Related content on PhotoBlog:

• Paterno says disappointed with firing, thanks fans
• Penn State board fires coach Paterno and school president
• Students show their support for coach Joe Paterno
• Lion on the sidelines

Follow @msnbc_pictures