The Big Ten Conference issued penalties Monday prohibiting Penn State's football team from competing in the Big Ten championship game for four years. The ban also prevents the school from getting any conference bowl income during that time.

The revenue is estimated to total about $13 million. This brings the grand total Penn State has been fined to $73 million. Penn State's bowl revenue will be donated to a fund for the protection of children.

The NCAA also announced its sanction against Penn State earlier Monday, which included a $60-million fine. In addition, the NCAA ruling took away 14 years of Coach Joe Paterno's wins.

''The sanctions needed to reflect our goals of providing cultural change,'' NCAA President Mark Emmert said as he announced the penalties at a news conference in Indianapolis.

The league also censured Penn State for its lack of action in the Jerry Sandusky child sex abuse scandal.

"The accepted findings support the conclusion that our colleagues at Penn State, individuals that we have known and with whom we have worked for many years, have egregiously failed on many levels -- morally, ethically and potentially criminally," read the statement from the Big Ten Council of Presidents and Chancellors.

"They have failed their great university, their faculty and staff, their students and alumni, their community and state -- and they have failed their fellow member institutions in the Big Ten Conference. For these failures, committed at the highest level of the institution, we hereby condemn this conduct and officially censure Penn State."

Current and incoming football players at the school have the opportunity to transfer and compete at another school if they would like.