Chuck Smrt, who spearheaded Louisville's investigation into the men's basketball prostitution scandal, said the Cardinals' 2013 national championship win will be among the wins vacated by the NCAA.
Louisville plans to appeal the ruling, per Pat Forde of Yahoo.
Louisville interim president Greg Postel issued a statement calling the penalties "excessive."
"The NCAA knew how seriously the university treated this matter from the beginning. Once we had the facts and recognized what took place, we did the right thing by taking responsibility and imposing severe penalties on ourselves," the statement read.
"We believe the penalties imposed today are unfair to the UofL community and our current and former student-athletes, many of whom have already paid a heavy price for actions that did not involve them. This ruling is also unfair to Coach Pitino, who we believe could not have known about the illicit activities."
Former escort Katina Powell released a book in 2015 detailing allegations that former staff member Andre McGee hired her and other prostitutes to perform sex acts on players and potential recruits. Louisville imposed a self-ban from the 2016 NCAA tournament and reduced its number of scholarships, among other punishments after its own investigation into the matter.
The Cardinals went 35-5 during the 2012-13 season on their way to a national championship, Pitino's first and Louisville and second of his career.
Pitino has denied all knowledge of the situation.