Here is the official release from the school sent this morning:
The University of Miami has made the decision to withhold the football team from bowl consideration for the 2012 postseason. The decision was made in response to the ongoing NCAA inquiry and the University has informed both the NCAA and the Atlantic Coast Conference of its decision. The decision also means that should the Miami football team qualify for the ACC Championship Game, it will not be eligible to participate. Interim Director of Athletics Blake James informed the team of the decision this morning, two days after the Hurricanes became bowl eligible with their sixth victory of the season.
The unprecedented decision to voluntarily withhold the football team from a second consecutive postseason was made by University leadership, including President Shalala, the Office of the General Counsel and Department of Athletics leaders. Considerable deliberation and discussion based on the status of the NCAA inquiry went into the decision-making process and, while acknowledging the impact that the decision will have on current student-athletes, coaches, alumni and fans, a determination was made that voluntarily withholding the football team from a second postseason was not only a prudent step for the University to take but will also allow for the football program and University to move forward in the most expedited manner possible.
The University and President Shalala have been clear from the start of the inquiry that Miami will cooperate fully and will seek the truth, no matter where the path might lead and that the institution will be stronger because of it. The University has already taken proactive measures to ensure more strict compliance with NCAA rules and continues to evaluate further steps. No other self-imposed penalties have been issued at this time and to continue to protect the integrity of the inquiry, the University will have no further comment.