Boyd said during a news conference he was leaning toward turning pro, but ultimately decided he had unfinished business at Clemson.
"I've enjoyed my time here at Clemson," he said. "I've learned so much as a person, as a player and I don't think I'm ready to give that up yet.
"I had pros and cons for each side, but for me it came down to my enjoyment here. I love Clemson, I love college football, I feel like I had a good enough grade to go out and have an opportunity to go out there and compete. But at the same time, I'm just not ready to drop this right now. I feel like we've got a lot of things we have left on the table."
Boyd finished the 2012 season with a Clemson-record 4,410 yards of total offense, breaking his own record of 4,046 yards set in 2011. He is the first player in ACC history with two 4,000-yard seasons of total offense.
He also set the ACC record for touchdown passes in a season with 36, breaking the record of 34 that was set by Phillip Rivers of NC State in 2003.