The penalties were announced after a lengthy probe uncovered more than 1,200 impermissible phone calls and text messages made by the programs' coaching staffs over a four-year period.
Baylor officials said they have already self-imposed penalties.
Under the terms of the probation, men's coach Scott Drew drew a two-game suspension, starting with the Bears' first two conference games of next season.
Women's coach Kim Mulkey won't be allowed to take part in off-campus recruiting during this summer's recruiting period.
She is coming off an NCAA Division I championship after leading the Lady Bears to college basketball's first-ever 40-0 season.
Also, the men's team lost one scholarship for both the 2011-12 and 2012-13 seasons, while the women's team lost two scholarships in 2011-12.
The inquiry reportedly began in 2008 when then-high school senior Brittney Griner and her father made "potentially impermissible contact" with members of the Baylor women's basketball staff.
Griner, the consensus women's college player of the year, carried the Lady Bears to their record season.