Can someone explain the Penn State Football thingy

[Smittie61984]

I don't follow football other than to know how annoying my school will be that day. Normally on home games I head to Chicago to avoid the retardedness that goes on. I stayed because I thought Penn State got the "Death Penalty" of sports meaning they can't play football. But come Friday I see my local buffetts flooded with Penn State car flags. My school's football team got their asses stomped so all the bars were going nuts with pissed off people who's lives revolve around wether their team wins or loses. Or Penn State fans screaming "We won!" despite they weigh 150lbs or 400lbs with no muscle development (I'm assuming they didn't play in the game).

Anyways why is Penn State able to play football and what punishment did they get in layman's term? I know a $60millino dollar fine but what is this death penalty thing?