STATE COLLEGE, Pa. (AP) — Shortly after Penn State tore down its famed statue of coach Joe Paterno, the NCAA announced Sunday it would impose “corrective and punitive” sanctions against the university in the wake of a devastating report that asserted top university officials buried child sex abuse allegations against a retired assistant coach more than a decade ago.The NCAA, acting with rare speed, said it will spell out the penalties on Monday. The governing body did not disclose further details.If precedent holds from recent cases, Penn State will face a loss of scholarships and a multi-year ban from bowl games — and with it, the financial windfall and showcase that comes with postseason play.Yet NCAA President Mark Emmert cautioned last week that he hasn’t ruled out the possibility of shutting down the Penn State football program altogether, saying he had “never seen anything as egregious” as the Jerry Sandusky sex abuse scandal.A harsh penalty would have repercussions well beyond football, whose large profits — more than $50 million, according to the U.S. Department of Education — subsidize dozens of other sports programs at the school. The potential for a historic NCAA penalty also worries a region whose economy is built at least partially on the strength and popularity of the football program.“It’s going to kill our town,” said Derek Leonard, 31, a university construction project coordinator who grew up in the area.Emmert has seemingly put the Penn State matter on the fast track.