Jackson, a 6-foot-5 guard, led the Cowboys in points and steals in each of his two seasons. He was the Mountain West Conference's fifth-leading scorer this season, averaging 14.6 points.
M'Baye, a 6-foot-9 forward averaged 12 points and a team-leading 5.7 rebounds.
Shyatt, who agreed to terms last week on a five-year contract after serving as the associate head coach at Florida, declined further comment in the school's statement.
Diamond Leung covers college basketball for ESPN.com and can be reached at firstname.lastname@example.org.