Louisville had decided to take Papa John's off its football stadium name and the stadium will be called Cardinal Stadium, the university announced Friday.
Two Louisville wide receivers asked for a stadium name change Thursday after Papa John's owner John Schnatter admitted to using a racial slur. The Cardinals play in Papa John's Cardinal Stadium.
Schnatter's name will also be removed from the College of Business.
On Wednesday, Schnatter admitted to using a racial slur during a May conference call and released a statement to apologize.
"News reports attributing the use of inappropriate and hurtful language to me during a media training session regarding race are true," Schnatter said in a statement on Wednesday.
"Regardless of the context, I apologize. Simply stated, racism has no place in our society."
Wide receivers Jaylen Smith and Seth Dawkins took to Twitter to voice their thoughts on the name.
The pizza magnate also resigned from the university's board of trustees and stepped down as chairman of his company.
"After speaking with John, I'm confident that his comments, while inappropriate, do not reflect his personal beliefs or values," Louisville Board of Trustees chairman J. David Grissom said in a statement. "No member of the board of trustees condones racism or insensitive language regardless of the setting. The University of Louisville embraces and celebrates diversity and is a supporter of all its students and stakeholders regardless as to their identity."
Louisville's first home football game is against Indiana State on Sept. 8.