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Quarterback Terrelle Pryor, running back Dan Herron, wide receiver DeVier Posey, offensive linemen Mike Adams and defensive end Solomon Thomas all have been suspended for the first five games next season.
The five were found to have sold awards, gifts and university apparel. They all also received free tattoos in exchange for autographs.
In addition to the suspensions, the players must repay the money they received for the items they sold.
Pryor, the staring quarterback, will repay $2,500 for selling his 2008 Big Ten championship ring, a 2009 Fiesta Bowl sportsmanship award and his 2008 Gold Pants, a gift from the university.
Herron, the starting running back, will repay $1,150 for selling his football jersey, pants and shoes for $1,000 and receiving discounted services worth $150.
Posey, a starting wide receiver, will repay $1,250 for selling his 2008 Big Ten championship ring for $1,200 and receiving discounted services worth $50.
Adams, the starting left tackle, will repay $1,000 for selling his 2008 Big Ten championship ring.
Solomon, a backup defensive end, must repay $1,505 for selling his 2008 Big Ten championship ring for $1,000, his 2008 Gold Pants for $350 and receiving discounted services worth $155.
A sixth player, linebacker Jordan Whiting, must sit out for the first game next season because he got a $150 discount on services because he was a student athlete, which he must also repay.