The school said Monday that Woods asked for a release so he could pursue other options.
Woods was suspended indefinitely from the program last month after he was arrested on assault charges. He pleaded guilty to a misdemeanor charge of assaulting a female and was given a suspended 60-day sentence.
Coach Jeff Bzdelik in a statement says that he met with Woods "a number of times and we felt this was the best course of action for him."
Woods averaged about five points and three rebounds in 31 games last season.