Jones and two other men were arrested in February on charges of raping one woman and sodomizing another at a party at an off-campus apartment. All three later pleaded not guilty to the charges.
The grand jury declined to indict all three men on Wednesday, according to the AP.
In a separate incident on Feb. 17, Jones allegedly threatened a female student in a text message, according to a Louisville police report, saying he would "smack" her after she "messed up" his room. The woman did not want Jones to be prosecuted.
Jones, a senior, was averaging 13.7 points and a team-best 3.6 assists per game for the Cardinals before his dismissal.
- Molly Geary