After a 4 year investigation of former USC running back Reggie Bush allegedly receiving "Improper Benefits" from a sports marketer, the NCAA has placed a heavy punishment on the Trojans' football program. USC now faces a 2 year post season ban, a loss of 30 scholarships over the next 3 years, and have vacated all 25 wins from the 2004-05 seasons. They may lose their National Championship from the 2004 season, but that has to be determined by the BCS and the AP since they are different entities then the NCAA (there is no official NCAA championship for FBS football).
Here's Pete Carroll's reaction:
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