Mike McQueary has reportedly informed the Penn State football players that he's currently in protective custody and "double fisting" alcohol.

According to PennLive.com, one of the PSU coaches gathered several players in a room on campus and allowed McQueary to speak to the team via speaker phone.

McQueary reportedly told the team, "I wanted to let you guys know I'm not your coach anymore. I'm done.”

McQueary also told the team he's not at the University, but in protective custody after receiving several threats ... and "double fisting" booze.

McQueary was placed on administrative leave earlier today.