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ESPN Breaking News: Belichick, team fined; team loses high pick

From ESPN's front page:

Bill Belichick was hit with a $500,000 fine Thursday night -- the maximum allowable by NFL by-laws -- for violating the league's policy on videotaping the Jets defensive signs Sunday. In addition, Roger Goodell notified the Patriots that they would forfeit a 2008 first-round draft choice if they reach the playoffs, or second- and third-round picks if they do not qualify for the playoffs. The club was also fined $250,000.
Update [2007-9-13 20:58:40 by tommasse]:: has posted a confirmatory story, including the following comment from NFL commissioner Roger Goodell:

I specifically considered whether to impose a suspension on Coach Belichick. I have determined not to do so, largely because I believe that the discipline I am imposing of a maximum fine and forfeiture of a first-round draft choice, or multiple draft choices, is in fact more significant and long-lasting, and therefore more effective, than a suspension.
Goodell said he did not believe ownership was aware of the coaching staff's practices, but applied part of the punishment to the team as a whole because, "Coach Belichick not only serves as the head coach but also has substantial control over all aspects of New England's football operations. His actions and decisions are properly attributed to the club."

The league also said it would closely monitor the Patriots coaching video program, effective immediately.