Fox didn't play in the regular-season finale at South Florida due to an illness, but he still will finish his career as one of the Hurricanes' most-tenured veterans.
He started 11 games for Miami this season and now has 47 career starts, third-most all-time by a Miami player.
Fox was one of five UM football players who received a degree during commencement ceremonies Thursday.
"We've really appreciated all of Jason's efforts this season as well as throughout his career," coach Randy Shannon said in a prepared statement. "He's had some nagging injuries this season and has played through the pain to the point where we as a coaching staff and athletic training staff feel like it would be best for him to not play in the bowl game.
"Jason has a bright future ahead in football and he needs to be 100 percent going forward."
He helped Miami rack up more than 4,500 yards, the most since the 2004 season (4,593 yards). This year's team is in line to become just the eighth in school history to gain 5,000 yards in a season.
Heather Dinich covers ACC football for ESPN.com.