"Every time I think about the decision, I get really sad because I love this place," Coleman said. "I'm just thankful in coach [Art] Briles for believing in me."
Coleman, a redshirt junior, still had a season of eligibility remaining. He was recognized before the game along with 19 seniors playing their final home games.
ESPN draft analyst Mel Kiper Jr. ranks Coleman as the No. 4 wide receiver eligible for the 2016 draft.
Coleman leads the nation with 20 touchdown catches this season. He has 67 receptions for a Big 12-leading 1,314 yards and is a finalist for the Biletnikoff Award, which goes to the nation's top college receiver.
"I think he'll play in the bowl game, and then he's going to move on, which we're all in support of," Briles said. "He's done a great job for this university and this football program for four years."
The Associated Press contributed to this report.