The Big 12 Conference issued the University of Central Florida a six-figure fine following "discriminatory chants" at a recent football game between UCF and Brigham Young University on Saturday, the conference announced on Wednesday.

After finishing its review of the "discriminatory chants directed at BYU," the conference said it would fine UCF $100,000, to be "directed toward student education initiatives."

In issuing the fine, the conference recognized "the pregame protocols followed by UCF" at the game hosted in Orlando, Florida, as well as action taken "including removal of some individuals responsible for the conduct," but added "discriminatory behavior has no place in the Big 12."

At least one video shared on social media appeared to depict an explicit anti-Mormon chant directed toward the Church of Jesus Christ of Latter-day Saints followers.

A statement from UCF Athletics to ABC News said, "After becoming aware of the conference's decision, we will be reviewing our options."

Along with the fine, the Big 12 conference said it was updating its conference-wide policy on discriminatory conduct at athletic events.

Under the guidelines, a first incident will bring an "automatic minimum $100,000 fine," followed by a "formal warning" and an opportunity to address the issue, the conference said.

The second incident at the same game, "will result in an in-game competitive penalty, e.g., a 15-yard unsportsmanlike penalty in football or an unsportsmanlike two-shot technical foul in basketball and may result in an additional $500,000 fine," according to the Big 12.

The new policy says if an individual is "ejected for discriminatory conduct," they are "prohibited from attending all athletic events for the remainder of the academic year."

ABC News has reached out to BYU Athletics for further comment.

On the field Saturday, unranked UCF defeated then-ranked No. 2 BYU in a double-overtime thriller, handing previously undefeated BYU its first loss of the season, and improving its record to 4-3.

The incident involving UCF is not the first instance of conduct aimed at BYU recently.

The Big 12, according to ESPN, fined Oklahoma State $50,000 in February following inappropriate chants during a men's basketball game against BYU. The Big 12 also fined Colorado $50,000 last year for similar chants at a football game.