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LOS ANGELES -- Southern California has received a two-year bowl ban and a sharp loss of football scholarships in a report on the NCAA's four-year investigation of the school.

The NCAA cited USC for a lack of institutional control Thursday in its long-awaited report, which detailed numerous violations primarily involving Heisman Trophy-winning tailback Reggie Bush, now a star tailback for the New Orleans Saints, and men's basketball player O.J. Mayo.
The NCAA found that Bush, identified as a "former football student-athlete," was ineligible beginning at least by December 2004, a ruling that could open discussion on the revocation of the New Orleans Saints star's Heisman.
Members of the Heisman Trophy Trust have said they might review Bush's award if he was ruled ineligible by the NCAA.
The NCAA also ordered USC to vacate every victory in which Bush participated while ineligible. USC beat Oklahoma in the BCS championship game on Jan. 4, 2005, and won 12 games during Bush's Heisman-winning 2005 season, which ended with a loss to Texas in the Rose Bowl.

"I have a great love for the University of Southern California and I very much regret the turn that this matter has taken, not only for USC, but for the fans and players," Bush said in a statement, according to an ESPN report.
"I am disappointed by (Thursday's) decision and disagree with the NCAA's findings. If the University decides to appeal, I will continue to cooperate with the NCAA and USC, as I did during the investigation. In the meantime, I will continue to focus on making a positive impact for the University and for the community where I live."
The ruling is a sharp repudiation of the Trojans' decade of success under former coach Pete Carroll, when USC won seven straight Pac-10 titles and two national championships. Carroll left the school for the NFL's Seattle Seahawks in January.
While the bowl ban is the most damaging to new coach Lane Kiffin, USC also will lose 30 scholarships over a three-year period, 10 annually from 2011-13. The Trojans received four years of probation.
The Trojans have been under a growing cloud of suspicion since Bush's apparently shady dealings with aspiring sports marketers and sketchy businessmen were first revealed. The NCAA, the Pac-10 and even the FBI conducted investigations into the Bush family's business relationships and USC's responsibility for the culture around its marquee football team.
USC is the first Football Bowl Subdivision school to be banned from postseason play since Alabama served a two-year ban ending in 2003. The NCAA issued no bowl bans during the tenure of late president Myles Brand, but the NCAA reportedly regained interest in the punishment over the past year.
Read more of the story here in it's entirety:
USC football program receives two-year bowl ban; NCAA rules that Reggie Bush was ineligible in Heisman Trophy-winning season | NOLA.com