The senior announced late Tuesday night he will return in 2021. Pickett had participated in Pitt's Senior Day festivities against Virginia Tech last month, an indication he was going to enter the NFL draft.
"One more year," Pickett tweeted.
Pickett passed for 2,408 yards with 13 touchdowns and nine interceptions this season for the Panthers (6-5, 5-5). He missed two games with an ankle injury -- both losses -- and was up and down when he returned.
Pickett threw for 404 yards in a win over the Hokies but tossed four interceptions in a loss to Clemson before finishing with a touchdown and a pick in a season-ending 34-20 victory over Georgia Tech.
The Panthers figured to be in the bowl mix after winning three of their final four games but voted to not participate in the postseason, a decision coach Pat Narduzzi supported after the team spent months playing during the COVID-19 pandemic.
Pickett has passed for 7,984 yards with 39 touchdowns and 25 interceptions since taking over as the starter late in the 2017 season. He is fifth on the school's list for career passing yards and fourth on the total yardage list, passing Hall of Famer Dan Marino late in the season.