The move will give the black and gold an additional $8 million in salary cap space.
DJ Newbill was named to the B1G second team, while Tim Frazier was selected to the third team.
The Nittany Lions earned the No. 10 seed, which means they will face No. 10 Minnesota in the first-round game on Thursday night.
The Nittany Lions fell back early to the Gophers, and never recovered, to fall 81-63.
David Taylor and Ed Ruth win their 4th straight titles as well, becoming the 1st and 2nd Nittany Lions to accomplish the feat.