The punishment includes a four-year bowl ban and the loss of 40 scholarship over four years for the Nittany Lion football program.
Penn State must also pay fines totaling $60 million and vacate all 112 of its wins from 1998-2011.
All PSU football players are eligible to transfer immediately.
Penn State is also on five years of NCAA probation.
Emmert said the NCAA and Penn State both signed a "consent decree," and he does not anticipate any appeal.
In deciding the punishment, Emmert said the NCAA considered "what can we do that affects the magnitude of these terrible acts and (ensures) that Penn State will rebuild an athletic culture that went horribly wrong."
The news came out of a press conference from NCAA headquarters in Indianapolis
Stay tuned for more details.