He made the announcement at the school's annual football awards ceremony.
"I woke up one morning and came to a decision," said Rogers, who has two children and has not hired an agent. "I felt like it was the best decision for me and my family at the time. It wasn't a hard decision at all. It was an easy decision. I felt like I did all I could do for the university."
The Detroit News reported Tuesday that threat of injury also played a major role in his decision. Two of Rogers' friends have suffered career-threatening injuries -- tailback Tyrell Dortch and Wisconsin wide receiver Lee Evans.
"When your time is up, your time is up," said the Saginaw, Mich., native. "There's a lot of good guys here in this program and now it's their turn."
Rogers is a finalist for the Biletnikoff Award as the top receiver in college football. Most draft analysts believe he will be taken high in the first round.
Michigan State was considered a preseason contender for the Big Ten title, but the Spartans were just 4-8 and concluded the year with a 61-7 drubbing at Penn State on Saturday.
The season included the firing of Bobby Williams as head coach, and the revelation of a substance abuse problem suffered by starting quarterback Jeff Smoker that led to his suspension from the team.
Rogers continued to put up big numbers, breaking his own single-season school record with 668 receptions. He caught 13 touchdown passes and had 1,351 receiving yards.
Rogers also established an NCAA record for consecutive games with a touchdown catch with 13.