The meat and potatoes of the infraction committee report as taken from the NCAA's official website:

The NCAA Division I Committee on Infractions has penalized the University of Southern California for violations in its football, men’s basketball and women’s tennis programs.

The penalties include:

* Four years of probation * A two-year football postseason ban * Vacation of regular-season and postseason wins for all three sports * Scholarship reductions in football (to 15 initial grants and 75 total grants for each of the 2011-12, 2012-13 and 2013-14 academic years, which represent a decrease of 10 scholarships for each of the three seasons) * Scholarship reductions in men’s basketball (from 13 to 12 for the 2009-10 and 2010-11 academic years) * Recruiting restrictions...

Read more at the source of this article