Today should be a day to celebrate SC hoops for being the surprise story of the Pac-10, winning eight straight games and sweeping the Arizona schools to go 10-4 overall and 2-0 in the Pac-10.

Instead, news came out yesterday that after an internal investigation the school has decided to impose sanctions on the USC men’s basketball program for NCAA violations related to the O.J. Mayo era.

These sanctions include no postseason for this years team (no NCAA, NIT or Pac-10 tournament), a reduction of scholarships and erasing all wins from the 2007-2008 season. There is no word yet on whether they NCAA will add to on to the current sanctions after they complete their investigation.

When asked for a statement on the sanctions, former coach Tim Floyd and Mayo each had no comment.

USC punishes itself for rules violations [espn]