The University of Miami has decided to withhold its football team from bowl consideration while it deals with an ongoing NCAA inquiry.

According to a statement released by the school, the decision was made by "university leaders, athletic administrators and outside counsel."

The Hurricanes became bowl eligible last Saturday with a 6-3 victory over South Florida.

"We understand and share the disappointment that our student-athletes, coaches, staff, supporters and fans are feeling but after lengthy discussions...it is a necessary step for our university," the statement read.

The NCAA investigation stems from allegations made by former booster Nevin Shapiro, who told Yahoo Sports in August that he provided over 70 Miami football players with incentives -- such as cars, money and yacht rides -- between 2002 and 2010.

Early this season, the NCAA leveled a variety of sanctions against 12 Miami players for their involvement with Shapiro.

"We will be more vigilant in our compliance efforts and continue to work cooperatively with the NCAA on the joint inquiry to determine the true facts," the statement continued.

Miami has not self-imposed any other penalties.