Dye, who entered the transfer portal last week, joins the Trojans as a graduate transfer. He rushed for 1,271 yards and 16 touchdowns in 2021, and led Oregon with 46 receptions.
The 5-foot-10, 190-pound Dye earned honorable-mention All-Pac-12 honors in each of the past two seasons. He took over for the injured CJ Verdell as Oregon's primary ball carrier in October, and he had 153 yards and a touchdown in the Ducks' Alamo Bowl loss to Oklahoma.
Dye became one of the Pac-12's most versatile players at Oregon, recording 3,111 career rushing yards, 869 receiving yards and 29 touchdowns.
USC recently has added several notable transfers under new coach Lincoln Riley, including wide receiver Mario Williams and cornerback Latrell McCutchin from Oklahoma, cornerback Mekhi Blackmon from Colorado and running back Austin Jones from Stanford. The Trojans are replacing leading rusher Keaontay Ingram, who is entering the NFL draft.
USC also remains one of the favorites to add Oklahoma quarterback Caleb Williams, who entered the transfer portal Jan. 3 and played last season for Riley at OU.