Frazier, a heralded recruit coming out of high school, was averaging 10.5 points and four rebounds per game this season for the Mustangs.
The school has already come up short on one appeal to save Frazier's season, a source told ESPN. It has filed one more, but it is not optimistic about Frazier being able to play the remainder of the year.
SMU coach Larry Brown said Frazier would sit out Saturday's game in order to attend the funeral of a family member. In a phone conversation with ESPN.com's Andy Katz, he downplayed Frazier's academic issues.
"This is about his eligibility in school," Brown said Friday. "We appealed it and we are waiting to hear. That's what this is about.
" ... This is all about what he did academically. It's a GPA issue. That's the thing. It's his grade-point average. We have an appeal. That's it."
SMU began the season 2-3, but Brown's team has won 11 of its last 12 and put itself in position -- with a strong showing in the American Athletic Conference -- to earn a spot in the NCAA tournament.
However, the loss of Frazier -- the team's top wing scorer -- is a significant blow to the Mustangs' chances.
In addition, reserve Justin Martin left the team recently for what the school said was to go professional. Sources, however, told ESPN that Martin's departure was also related to academics.
Assistant coach Ulric Maligi has also taken an indefinite leave of absence for what the school deemed as personal reasons.
SMU hosts East Carolina on Saturday.