ESPN.com has the story.
I'll add more momentarily. This is your (newest) BOMAR'D! thread...
Update [2007-7-11 15:40:20 by HornsFan]: In addition to forfeiting the entire 2005 season, Oklahoma will lose two scholarships from each of the 2008-09 and 2009-10 seasons. The penalties were handed down by the NCAA Wednesday as punishment for the car lot work scandal involving Rhett Bomar and JD Quinn. Lord knows there were probably others who weren't quite stupid enough to get caught.
You already knew that OU was a dirty, filthy, cheating farce of a program, but now it's official. I propose a toast to "Big Game" Bob Stoops. Hip hip - hooray!