Tim Floyd has announced his resignation as the Southern California basketball coach after he allegedly violated NCAA rules.

Read his resignation letter after the jump.

“As of 1:00 p.m. today, I am resigning as head basketball coach at the University of Southern California. I deeply appreciate the opportunity afforded me by the university, as well as the chance to know and work with some of the finest young men in college athletics. Unfortunately, I no longer feel I can offer the level of enthusiasm to my duties that is deserved by the university, my coaching staff, my players, their families, and the supporters of the University of Southern California. I always promised myself and my family that if I ever felt I could no longer give my full enthusiasm to a job, that I should leave it to others who could. I intend to contact my coaching staff and my players in coming days and weeks to tell them how much each of them means to me. I wish the best to USC and to my successor.”

Floyd really had no other option but to resign after he reports surfaces last month that he gave $1,000 in cash to a man who helped influence O.J. Mayo’s decision to play for the Trojans.