Hernandez must also sit out 40 percent of the following season for accepting benefits from an agent.
Miami Hurricanes junior forward Dewan Hernandez has decided to leave school to focus "on the next level" after being ruled ineligible to play for the remainder of the season.
"I was advised of the NCAA's decision about my eligibility and am very disappointed with the outcome," Hernandez wrote on Twitter. "I do not believe that the NCAA treated me fairly, and it is with a heavy heart that I have decided to withdraw from the University of Miami to prepare for the 2019 NBA Draft."
Hernandez was ruled ineligible to play for the remainder of the season and 40% of next season for entering into an agreement and accepting benefits from an agent, the NCAA announced on Monday.
Hernandez sat out the first 19 games of the season while the NCAA investigated potential rules violations involving Hernandez and dealings with Christian Dawkins.
Dawkins was one of three defendants found guilty of fraud in October's trial into college basketball corruption.
According to the NCAA, Hernandez agreed to receive monthly payments from Dawkins and accepted other benefits. Dawkins reportedly planned to pay Hernandez $500 per month from Sept. 2017 through Jan. 2018, followed by $1,000 monthly payments until April 2018.
“The ruling is harsh and unacceptable,” Hernandez’s attorney, Jason Setchen, wrote on Twitter. “The NCAA is punishing the student-athletes for their involvement. But, who is punishing the NCAA for allowing corruption to be so rampant in college basketball that the FBI intervened?”
There is no evidence the payments to Hernandez were made, or that Hernandez had knowledge of the plan.
Hernandez, a Miami native, was highly recruited before joining the Hurricanes in 2016. He considered turning pro last spring but decided to return to Miami for his junior season.
Hernandez averaged 11.4 points and 6.7 rebounds last season.
The Associated Press contributed to this report.