Toney, a junior from Snellville, Ga., started in 51 of 56 career games for the Bulldogs. Last season he was the fourth-leading scorer on the team, averaging 8.5 points per game.
"We appreciate Channing's many contributions during the past two years of our rebuilding of the basketball program," Felton said. "We regret to see him go, but we also wish him the very best. It is our hope that Channing finds a good place to continue and complete his college career."
"Georgia gave me the tools and the opportunity to be successful," Toney said. "I have developed great relationships there that I will treasure for a long time. Even though Georgia basketball did not work out for me, I will take the next step in life and seize another opportunity. Georgia will always hold a special place in my heart."