UPDATE: Statement From the New Orleans Saints:
Today, Commissioner Goodell apprised us of the severe penalties facing our club, as proposed by the NFL.
We recognize our fans’ concerns and we regret the uncertainty this episode has created for them. We are humbled by the support our organization has received from our fans today in the wake of this announcement, and we ask them to continue to stand with us, as they have done in the past, when both our team and our city have overcome greater adversities.
To our fans, the NFL and the rest of our league, we offer our sincere apology and take full responsibility for these serious violations.
It has always been the goal of the New Orleans Saints to create a model franchise and to impact our league in a positive manner.
There is no place for bounties in our league and we reiterate our pledge that this will never happen again.
Mickey Loomis suspended without pay for 8 games.
Saints organization fined $500,000 and will lose two second-round draft picks (one in 2012, one in 2013).
Former Saints Defensive Coordinator Gregg Williams (now with St. Louis Rams) suspended indefinitely. NFL Commissioner Roger Goodell to re-visit Williams' suspension at the end of the 2012 season and decide whether to extend his suspension or re-instate him.
Assistant Head Coach Joe Vitt suspended without pay for six games, fined $100,000. Vitt was expected to take over for Sean Payton.
From the NFL:
"The 22-27 players cited in the initial report also will feel the impact of their involvement, but that will be coming over the next few weeks. The NFL opted to delay the punishment to players because of the sheer volume of people involved and the diversity in sanctions that will be applied. In other words, they want to make sure the proper punishment fits the crime. Also, the NFLPA asked the NFL to delay discipline toward players until it finishes conducting its own investigation. That investigation is taking place, but the league isn't helping and could hand down punishment before the NFLPA's probe is complete."