WATCH LIVE: NCAA announcement on fate of Penn State - KSLA News 12 Shreveport, Louisiana News Weather & Sports

WATCH LIVE: NCAA announcement on fate of Penn State

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(AP Photo/Centre Daily Times, Christopher Weddle). Penn State Office of Physical Plant workers cover the statue of former football coach Joe Paterno near Beaver Stadium on Penn State's campus in State College, Pa., on Sunday, July 22, 2012. (AP Photo/Centre Daily Times, Christopher Weddle). Penn State Office of Physical Plant workers cover the statue of former football coach Joe Paterno near Beaver Stadium on Penn State's campus in State College, Pa., on Sunday, July 22, 2012.

(RNN) - Fines in excess of $60 million will be levied against Penn State University, but the school's football program will not receive the "death penalty," which would have suspended the program for at least one year.

Click here for the full story, including a list of the sanctions.