In the wake of the sexual abuse scandal that rocked football powerhouse Penn State and led to the firing of storied coach Joe Paterno, the NCAA is preparing to level "unprecedented" sanctions against the university, according to CBS News.

Citing a "high-ranking association source," CBS reported Sunday that the NCAA would announce severe punishments against both the Penn State football program and the university itself. NCAA President Mark Emmert will announce the penalties at a news conference at 9 a.m. Monday morning.

That announcement comes shortly after former FBI Director Louis Freeh released a damning independent report that detailed repeated, coordinated attempts by Penn State officials and Paterno to cover up allegations of sex abuse against children by former assistant coach Jerry Sandusky. In June, Sandusky was found guilty on 45 of 48 counts of sexual abuse against minors. University officials and Paterno had maintained ignorance of the events throughout the investigation, though Freeh's report contradicted many of those claims.

Also on Sunday, Penn State removed the iconic statue of Joe Paterno from the university, saying it had become a divisive symbol of the scandal.

The Penn State Board of Trustees voted to fire Paterno and school President Graham Spanier mid-season last year as the scandal unfolded. Paterno is the winningest football coach in NCAA Division I history.