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Bishop is one of nine players on the post-spring depth chart who won't be with the team in the fall.
Also leaving: senior wide receiver Geno Munoz, senior cornerback Keynan Parker, junior linebacker Cade Cowdin, junior quarterback Jack Lomax, junior linebacker Zeke Sanders, freshman redshirt linebacker Will Storey and freshman redshirt wide receiver Tyler Trosin.
Bishop, a 12-game starter during the past three years, caught 66 passes for 893 yards with four touchdowns for his career. An All-American high jumper for the Beavers in 2010, he has battled ankle and foot injuries the past two seasons.
A talented athlete with good height (6 feet 3), Bishop never lived up to his tantalizing promise, in large part, because he couldn't stay healthy. He was listed No. 1 at slotback on the post-spring depth chart, with junior Keith Cummings listed as his backup.
"It's disappointing that Jordan will not be able to play his senior season," Oregon State coach Mike Riley said in a statement. "He has been a tremendous team member and will always be a part of Beaver Nation. I wish him the best in what will be surely a successful professional career of his choosing."
Lomax was the No. 3 QB on the depth chart. Parker was the No. 2 left cornerback behind Jordan Poyer. Cowdin was Michael Doctor's backup at "Will" linebacker.