The NCAA denied Mississippi's request to extend the eligibility of Trinidad Chambliss on Friday.
The Rebels star quarterback just finished his fifth year of college football in a 31-27 loss to Miami in the College Football Playoff semifinals on Thursday night.
He had planned to return to Ole Miss for one more year if the waiver was approved.
The NCAA said Ole Miss and Ferris State failed to provide adequate medical documentation to back up the request.
Ole Miss athletic director Keith Carter said his school will appeal the ruling.
''We are disappointed with today's announcement by the NCAA and plan to appeal the decision to the Committee level,'' Carter said in a social media post, in which he included the flag of Trinidad and Tobago. ''Additionally, we will continue to work in conjunction with Trinidad's representatives in other avenues of support.''
Tom Mars, who is an attorney for Chambliss, said he was disappointed but not surprised by the NCAA's decision.
''The last time I checked, however, the only score that matters is the one at the end of the fourth quarter,'' Mars said.