Blazers coach Jerod Haase announced Frazier's departure on Tuesday. Frazier was a first-team all-conference pick and the league's newcomer of the year last season after transferring from Gulf Coast Community College.
He was third in C-USA in scoring with 17.7 points per game. Frazier also averaged 4.3 assists, which ranked fifth in the league.
He scored in double figures in 29 of 31 games, including 10 games of 20 points or more.