UPDATE: The USC football team has been stripped of its 2004 national championship victory and must vacate its entire 2005 season, according to ESPN's Bruce Feldman.
Describing the NCAA sanctions, a school official said "we got killed" earlier in the day.
Click here for a PDF of the NCAA's infractions report.
USC's football program has been banned from postseason play for two years and will lose more than 20 scholarships, the Los Angeles Times reports. ESPN's Bruce Feldman first tweeted about the sanctions Wednesday night.
School sources were "surprised at the severity and length of penalties," according to Bryan Fischer of USCFootball.com and Rivals. He also wrote that USC has 15 days to decide whether to appeal the sanctions.
In January, the University of Southern California imposed sanctions on its basketball team after its investigation concluded that the school violated NCAA rules while recruiting former Trojan and current Memphis Grizzly OJ Mayo.
On Thursday, HuffPost's Adam Rose appeared on ESPN's "Outside the Lines" to discuss the sanctions:
USC has been hit with a two-year post-season ban in addition to the loss of scholarships, among other penalties from the NCAA.