James Wiseman has been suspended for 12 games by the NCAA and will return on Jan. 12.

Memphis announced that it will appeal the NCAA's decision based on "case precedent, the circumstances of this case and other mitigating factors."

"We expect a more fair and equitable resolution, and we will exhaust all avenues on James' behalf. James will not compete in this evening's contest," the school said in a statement.

Wiseman's mother accepted $11,500 from Penny Hardaway in the summer of 2017.

James Wiseman could be forced to sit out the remainder of his freshman season at Memphis due to eligibility issues, but NBA executives don't believe it will have a dramatic impact on his draft stock.

“Will him sitting the year impact him a spot or two? Maybe,” one high-ranking team official said. “But it isn’t impacting his financial base. He is known as a talent.”

Wiseman is widely considered the best big man in 2020 NBA Draft and has been a candidate to be selected first overall.

Sources tell The Athletic that Memphis is optimistic Wiseman will miss fewer than nine games. Wiseman intends to re-file his lawsuit against the NCAA and Memphis if his season is not saved.

James Wiseman has withdrawn his lawsuit against Memphis and the NCAA. Wiseman is now awaiting a resolution from the NCAA.

Wiseman is a freshman at Memphis and a candidate to be the first overall pick in the 2020 NBA Draft.

Wiseman has been ruled ineligible for receiving improper benefits from Penny Hardaway before Hardaway was hired as head coach. Memphis has supported Wiseman's suit even while named as a defendant. The suit claims Wiseman didn't know about the money given to his family in the summer of 2017 to help with moving expenses. 

James Wiseman scored 17 points during the Memphis Tigers' 92-46 win over Illinois-Chicago.

Wiseman was ruled ineligible by the NCAA earlier in the day, though a Shelby County judge halted the NCAA's ruling.

The NCAA issued a statement responding to Wiseman playing in the game, writing "The University of Memphis was notified that James Wiseman is likely ineligible. The university chose to play him and ultimately is responsible for ensuring its student-athletes are eligible to play." 

Memphis coach Penny Hardaway provided $11,500 in moving expenses for Wiseman's family to move to Memphis. The NCAA ruled that Hardaway was a booster at the time.

Hardaway had no comment following the game.

Attorneys representing Wiseman intend to have conversations with the NCAA early next week. 

James Wiseman has been ruled ineligible by the NCAA.

Wiseman is a potential candidate to be the first overall pick in the 2020 NBA Draft.

Wiseman is a freshman at Kansas.