The University of Louisville men's basketball team must vacate 123 wins, including its 2013 national championship and 2012 Final Four appearance, after the NCAA's Infractions Appeals Committee announced today its decision to uphold the punishment in the school's escort case.

The penalties are the result of an investigation that included allegations that a former Louisville staff member arranged for escorts to attend parties with players and recruits at an on-campus dormitory from 2011 to 2015, according to ESPN.

In addition to the vacated wins, the school accepted four years of probation for the school's men's basketball program, as well as scholarship reductions and financial penalties, according to USA Today. The team had already self-imposed a postseason ban for the 2016 ACC and NCAA tournaments.

Louisville interim president Greg Postel said he believes the NCAA is "simply wrong."

"I cannot say this strongly enough: We believe the NCAA is simply wrong," Postel said. "We disagree with the NCAA ruling for reasons we clearly stated in our appeal. And we made a strong case -- based on NCAA precedent -- that supported our argument."

As a result of today's ruling, the Cardinals will become the first time in modern Division I men's basketball history to vacate a title. Several former Louisville players including Kevin Ware, who suffered a gruesome injury during Louisville's championship run in 2013, spoke out against today's ruling. Ware tweeted, "Still got this fat ass ring which means my guys definitely won a chip, if I’m not mistaken of course."