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Nebraska CornhuskersAs Nebraska's coach, Tom Osborne had one of the most successful runs in college football history.

As athletic director, he pulled the football program he and Bob Devaney built out of a nosedive and repaired a fractured department where staff morale had nearly bottomed out.

And now, he's almost done.

The 75-year-old Osborne announced Wednesday that he will retire Jan. 1 after five years on the job. He'll become athletic director emeritus and stay involved in department operations through July 30.

"At some point, whether you're able to function or not, just the perception that you're getting old can get in the way," Osborne said. "I don't want to be one of those guys everybody is walking around wringing their hands trying to figure out, 'What are we going to do with him?' That happens sometimes."

Osborne, who had double-bypass heart surgery in 1985, said he has no health issues that led to his decision.

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Penn State UniversityThe NCAA has hit Penn State with a $60 million sanction, a four-year football postseason ban and a vacation of all wins dating to 1998, the organization announced Monday morning in a news release.

"These funds must be paid into an endowment for external programs preventing child sexual abuse or assisting victims and may not be used to fund such programs at the university," the statement said.

The career record of former head football coach Joe Paterno will reflect these vacated records, the statement continued.

Penn State must also reduce 10 initial and 20 total scholarships each year for a four-year period, the release said.

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The University of MiamiCORAL GABLES, Fla. -- The NCAA said Wednesday it has been investigating the relationship between a convicted Ponzi scheme artist and the University of Miami for five months, and the allegations -- if true -- show the need for "serious and fundamental change" in college sports.

"We were well aware of it and weren't surprised by the sensational media coverage. We've been on top of it for a while, gathering information and collecting data," NCAA president Mark Emmert said Wednesday in an interview with ESPN Radio's "Mike and Mike in the Morning."

Emmert said typical investigations take six to seven months to complete.

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NCAA Sanctions Against USCFrom ESPN.com:

LOS ANGELES -- The NCAA threw the book at storied Southern California on Thursday with a two-year bowl ban, four years' probation, loss of scholarships and forfeits of an entire year's games for improper benefits to Heisman Trophy winner Reggie Bush dating to the Trojans' 2004 national championship.

USC was penalized for a lack of institutional control in the ruling by the NCAA following its four-year investigation. The report cited numerous improper benefits for Bush and former basketball player O.J. Mayo, who spent just one year with the Trojans.

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