Oklahoma State has become the first school to be punished by the NCAA in the fallout from the federal corruption investigation into college basketball. The school plans to fight — and likely won't be the only one.

The Cowboys' men's basketball team was banned from the upcoming postseason among numerous penalties handed down Friday by an NCAA infractions committee panel, which found that former assistant coach Lamont Evans accepted up to $22,000 in bribes intended to help steer athletes to certain financial advisers.

That ruling made Oklahoma State the first to make its way fully through the in...