Ann Arbor, Mich. ? They forfeited the victories, ordered the championship banners taken down and can’t play in the postseason.

The Michigan Wolverines, who became one of college basketball’s most successful programs during the “Fab Five” days of the 1990s, endured what the school’s president called a “day of great shame” Thursday.

The university punished its men’s basketball program after a federal investigation revealed that former booster Ed Martin had given a total of $616,000 to Chris Webber and three other ex-Michigan players.

Michigan announced it would prohibit the team from playing in either the NCAA tournament or the National Invitation Tournament after the upcoming season. The team also will forfeit victories from five seasons, as well the 1992 Final Four appearance.

The impact of the sanctions isn’t limited to paper programs and media guides, which no longer will mention the names of Webber, Robert Traylor, Maurice Taylor or Louis Bullock. Fans will notice immediately, because four banners will be taken down at Crisler Arena: for the 1992 and 1993 Final Fours, the 1997 NIT title and the 1998 Big Ten tournament title.

Michigan also said it would return to the NCAA $450,000 ” money it earned for appearing in the postseason ” and go on probation for two years.

“There is no excuse for what happened. It was wrong ” plain and simple,” university president Mary Sue Coleman said. “This is a day of great shame.”