Less than a week after filing a lawsuit to preserve his NCAA eligibility, Memphis Tiger star James Wiseman has withdrawn his lawsuit.

The move clears the way for an out-of-court resolution between The University of Memphis and the NCAA, which had ruled Wiseman “likely ineligible” because his family accepted $11,500 from Penny Hardaway before he was named head coach of the Tigers.

The statement from the University of Memphis:

University of Memphis student-athlete James Wiseman has decided to withdraw his lawsuit against the NCAA and the University. The University supports the decision, as it believes it is in James’ and the men’s basketball team’s best interests to resolve his eligibility issue expeditiously through the NCAA process.

In order to move the matter forward, the University has declared James ineligible for competition and will immediately apply for his reinstatement. Pending that notification, James will be withheld from competition but will continue to practice with the team.

The NCAA is fully aware of the unique nature and challenges in this particular case, and the University is confident that the NCAA will render a fair and equitable decision consistent with its mission.

Although no official comment has been made by the NCAA, sports pundits anticipate some combination of suspensions and/or vacated games as a penalty for playing Wiseman after the NCAA declared him ineligible.

The Tigers will play without Wiseman when the University of Memphis takes on Alcorn State University on Saturday. Tipoff is at 1 p.m. at FedExForum.