McQuaid, a 6-foot-5, 175-pound shooting guard from Duncanville, Texas, had verbally committed to the Mustangs in May and was being recruited by Gonzaga, Alabama, Creighton, Oklahoma and Texas. McQuaid averaged 12.2 points per game during his junior season.
Last week, five-star recruit Emmanuel Mudiay announced that he would attempt to play professionally overseas next season, saying he wanted to help his family.
MORE COLLEGE BASKETBALL: Mudiay's exit leaves SMU wondering what might have been
But there were various reports questioning Mudiay's academic standing with the NCAA even though he was admitted to SMU.
Mudiay's school, Prime Prep, co-founded by NFL Hall of Famer Deion Sanders, is facing closure because of improper fiscal management and failing to comply with Texas' education code.
- Scooby Axson