USC coach Tim Floyd has resigned.

According to the The Clarion Ledger, Floyd, who was recently accused of giving $1,000 to O.J. Mayo's handler, Rodney Guillory, gave his resignation to Trojans athletic director Mike Garrett earlier on Tuesday.

The Mississippi-based newspaper obtained a copy of the letter that Floyd sent to Garrett.

``As of 1 p.m. today, I am resigning as head basketball coach at the University of Southern California," Floyd said in a statement that was posted by the Mississippi newspaper. "I deeply appreciate the opportunity afforded me by the university, as well as the chance to know and work with some of the finest young men in college athletics."

Floyd, a Mississippi native who has coached in the NBA, has spent the past four seasons at USC - and has led the Trojans to the NCAA tournament each of the last three years - including a Sweet 16 appearance last season.

However, Yahoo! Sports reported back in May that Floyd made a direct cash payment to Guillory - who helped deliver Mayo to USC.

``Unfortunately, I no longer feel I can offer the level of enthusiasm to my duties that is deserved by the university, my coaching staff, my players, their families, and the supporters of Southern Cal. I always promised my self and my family that if I ever felt I could no longer give my enthusiasm to a job, that I should leave it to others who could. I intend to contact my coaching staff and my players in coming days and weeks to tell them how much each of them means to me. I wish the best to USC and to my successor."