In a move that will surely send shockwaves throughout Division I sports, the Sun Belt Conference officially announced the University of New Orleans' voluntary withdrawal.

It was a move that was over a month in the making after the LSU Board of Supervisors approved a resolution to allow the school to transition from Division I status to non-scholarship Division III status last December.  

Click here for ESPN.com's story on it.

It's a shame things have gotten so bad for the University. But that's the reality colleges are facing these days. Hofstra and Northeastern recently dropped their football programs.

Whether this is a sign of things to come is up for debate. Hurrican Katrina did a number on the school, which once fielded 15 sports programs. As of now, the athletic department has seven teams. The NCAA requires a minimum of 14 teams to remain on the Division I level.

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UNO reportedly has accumulated a debt of $5.5 million over the last three years, including $1 million this year.

The Privateers have sent 10 baseball players and eight of its basketball players to the professional ranks, including long time NBA center Ervin Johnson and seven-year pro guard Ledell Eackles.