Hood must sit out next season under NCAA transfer rules but will have three years of eligibility remaining.
"I feel like coach (Mike Krzyzewski) and the staff can get the most out of me as a player and academically," Hood said. "I liked the teammates and felt like we have a good chance to compete for a championship."
Hood narrowed his transfer options to Ohio State, Memphis, Florida State and Duke. As a freshman last season for Mississippi State, Hood averaged 10 points and 4.8 rebounds in 32 minutes of action. He shot 36 percent behind the three-point arc.
Mississippi State, under former coach Rick Stansbury, won a contested recruiting battle to land Hood, an all-state player two years ago. Hood finished ranked No. 31 in the 2011 ESPN 100.
Stansbury retired in March.
Hood said Krzyzewski touched a nerve and connected with him during his recruitment process.
"He was pretty honest with me," Hood said. "He told me what he saw for my future. He was up front and he didn't just tell me anything. He was specific and to the point. He said he can make me a better basketball player and one of the best in the country. His track record speaks for itself. I could tell he believed in me as a player."
Hood reconciled sitting out a year by talking with Arnett Moultrie, a friend who was drafted with the 27th pick of Thursday's NBA draft.
"It'll be real hard," Hood said. "I talked to Arnett about it and he said it was going to be real hard. There will be times when you're mad but you'll be hungry."