The NCAA is set to announce its first ruling since the highly controversial Penn State sanctions, with the long-broiling investigation into Central Florida recruiting ready to culminate in an 11 a.m. ET announcement of punishments on Tuesday. And oh, what exciting timing for a future Big East member!

UCF sanctions being announced square in the middle of Big East Media Day. — Mark Ennis (@Mengus22) July 30, 2012

According to the allegations against UCF, a man by the name of Ken Caldwell acted as a middle man between recruits and agents while simultaneously acting as a representative of the university and pushing recruits towards UCF. In addition to having connections to professional agents, Caldwell is a twice-convicted criminal.

The university notified the NCAA of a number of self-imposed penalties, none of which included postseason bans. Here are the big penalties:

-- Place UCF Athletics on probation for three years, which prompts extensive NCAA compliance oversight. -- Vacate all men's basketball wins for the 2008-09, 2009-10 and 2010-11 academic years. -- Drop from 13 to 12 men's basketball scholarships for the next two years.

Follow @SBNationCFB

For more on Central Florida football, visit SB Nation Tampa Bay. And you should probably start reading Big East Coast Bias.