(CBS) The Ohio State University and its football program have been shook by the scandal that involved some of it’s high profile players trading memorabilia for cash and tattoos. On Friday, the school imposed their own penalties.

As a result of the violations, the Buckeyes will vacate all of their wins from 2010 football season, including 2011 Sugar Bowl victory.

The university also is imposing a two-year probation period on the program, which means there would be harsher penalties if any further wrongdoing is discovered.

The initial report of memorabilia trading led to a bigger scandal being brought to light. Although he initially said he had no knowledge of the infractions, it later became known that head coach Jim Tressel had been emailed about what was going on, and lied to the school and NCAA when he was asked about it.

The subsequent investigations also revealed allegations that quarterback Terrelle Pryor received improper benefits, including accepting cars from a local dealership.

Pryor and the other players who traded memorabilia were suspended for the first five games of the 2011 season.

Both Pryor and Tressel left the university as a result of the scandal. Ohio State says Friday it also is waiving a $250,000 fine it had imposed on Tressel and changing his resignation to a retirement.

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