(CNN) — The Michigan Wolverines football program has been handed a multimillion-dollar penalty and head coach Sherrone Moore has been given an additional suspension as part of a sign-sealing scandal involving former Michigan football staffer Connor Stalions, the NCAA said on Friday.

The NCAA infractions panel opted not to impose a multi-year postseason ban as part of the punishment, citing it would “unfairly penalize student-athletes for the actions of coaches and staff who are no longer associated with the Michigan football program,” per a press release from the NCAA. The panel instead decided a financial penalty was more appropriate.

In a statement, the University of Michigan said it disputes the findings of the investigation and plans to appeal the ruling.

In the NCAA’s statement

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