A redshirt junior, Rhodes said he has been projected as a late-first-round or early-second-round pick in April's draft.
"I'm gone," Rhodes told ESPN on Tuesday. "I did all I could in college. If I was to come back, I don't think my status would be getting any better."
The 6-foot-2, 217-pound Rhodes recently was rated as the fourth-best junior cornerback by ESPN NFL draft expert Mel Kiper Jr. The Miami native had three interceptions this season.
Florida State running back Chris Thompson told the Orlando Sentinel he, too, will enter the NFL draft, passing up a shot at a medical exemption from the NCAA that would have given him a fifth season. Thompson suffered season-ending injuries the past two years.
ESPN's Joe Schad contributed to this report.