According to ESPN's Adam Schefter, the New England Patriots have been penalized $1 million, as well as a 2016 1st round pick, and a 2017 4th round pick. Quarterback Tom Brady is suspended 4 games for "conduct detrimental to the integrity of the NFL." Employees John Jastremski and Jim McNally have been suspended indefinitely.
NFL's commissioner Roger Goodell issued the statement, "We reached these decisions after extensive discussion with Troy Vincent and many others. We relied on the critical importance of protecting the integrity of the game and thoroughness and independence of the Wells Report."
The league has levied the heaviest penalties possible on the Patriots for DeflateGate, on the grounds of a more-than-questionable report. Patriots owner Robert Kraft has stated that he will follow the penalties from the league, while Tom Brady will inevitably appeal.
More thoughts to follow. This is both absurd and overboard.