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Penn State Scandal: University To Lose $13 Million In Bowl Revenue

The hits just keep coming for Penn State University on Monday morning.

According to Brett McMurphy via twitter, the Big Ten has announced it will withhold $13 million of league bowl money from Penn State since the school isn't eligible to play in the postseason, per the NCAA sanctions.

As for where that $13 million will be going? Charity.

On top of that, the Big Ten also has made it known that the Nittany Lions will not be allowed to play in the conference championship game, as expected given the NCAA's postseason ban.

If you're keeping track, that's $73 million that the university has lost in approximately two hours. The school is still awaiting the Big Ten press conference which starts at 11:00 a.m. ET, to see if any more penalties are in the offing.

It's tough to imagine what else could be done in this situation, but at this point anything seems possible.

For more on the Penn State Scandal, please be sure to check out our blog Black Shoe Diaries and SB Nation Philly for all the latest news and updates.