The USC football program received a two-year bowl ban and a loss of 10 scholarships each year from 2011 to 2013.
The forfeited wins include the 2005 Orange Bowl, in which the Trojans defeated the Oklahoma Sooners to win the national championship.
USC was also put on four years probation, and the football program must vacate 12 wins from the 2005 season, all stemming from improper benefits allegedly given to Bush.
Former USC head football coach Pete Carroll said he was shocked and disappointed at the findings of the NCAA.
"I never thought there was any facts that supported these significant sanctions that have come forth. The primary issue throughout the process was did the university know," Carroll said. "The university didn't know, we didn't know."
The Trojans won seven straight Pac-10 Conference Championships and two national titles under the leadership of Carroll. He left at the end of last season to become an NFL coach.
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