In addition, the Hurricanes' men's basketball program will lose one scholarship annually over the next three years and former assistant Jorge Fernandez will receive a two-year show-cause penalty.
The entire Miami athletic program has been placed on three years' probation.
"While I strongly disagree with today's report, and the inference on how the program was run at the University of Miami, as head basketball coach during that period, I accept responsibility for all actions in and around that program," Haith said in a statement. "This has been an excruciating ordeal for my family. An appeal, which would likely drag further into the season, would only prolong what has already been a lengthy and trying period of time for our student-athletes, the University of Missouri and our fans, and it's time for closure."
The NCAA released the findings of its investigation into Shapiro's relationship with Miami athletics Tuesday. It found that Haith and an assistant coach provided Shapiro $10,000 after he threatened to expose previous improper contact with high school recruits and amateur coaches.
Haith is looking for closure, rather than extending the 27-month ordeal even longer and possibly missing games against SEC opponents.
Shapiro initially demanded Haith return a $50,000 donation, but the coach refused. The unidentified assistant then loaned Shapiro $7,000, which he later repaid. The NCAA also found that Haith helped his assistant pay off Shapiro's mother.
Miami athletic director Blake James told ESPN.com that men's basketball coach Jim Larranaga was given a three-year extension after last season's ACC regular-season and tournament title to give him nine years remaining on his deal, "and I don't see him going anywhere else."
James said the extension after last season negates a need to add more years due to the Hurricanes' three-year scholarship penalty of one lost scholarship a season for the next three.
"Jim can coach here as long as he wants to keep coaching," James said. "Coach Larranaga is a tremendous leader."
James said the loss of scholarships is significant, even if a number of schools don't always use all 13 in men's basketball each season.
"Any time you take numbers of scholarships, it is significant," said James. "It will have an impact. I don't know how much of an impact, but we're a private school and you don't get a lot of walk-ons to the program. We're in a very competitive league, the most competitive league in the country. Now we're going to have one less than the competition, and that decreases the odds."
Haith would miss the first five games, all at home: Southeast Louisiana (Nov. 8), Southern Illinois (Nov. 12), Hawaii in Kansas City, Mo. (Nov. 16), Gardner-Webb (Nov. 23) and IUPUI (Nov. 25). The Tigers will decide which assistant -- Mark Phelps or Dave Leitao -- will be the game coach.
Haith would be back on the bench for key nonconference games against Northwestern and Nevada in Las Vegas (Nov. 28-29) and West Virginia (Dec. 5) and UCLA (Dec. 7) at home.
Missouri chancellor Brady Deaton reiterated that Haith would not appeal the suspension.
"The University of Missouri has a strong culture of compliance," Deaton said in a release. "I can firmly say that since April of 2011 when he joined our family, Coach Haith has reaffirmed our values of compliance in every way, and we fully expect that to continue. We owe our student-athletes, our university, our state, and Mizzou Nation no less."
Missouri athletic director Mike Alden said he was "proud" to have Haith as the Tigers' basketball coach.
Haith's penalty is consistent with previous NCAA rulings.
Saint Mary's coach Randy Bennett was suspended five West Coast Conference games this season and won't be allowed to recruit off-campus this season for failing "to promote an atmosphere for compliance," particularly over the recruiting practices of a former assistant.
Two years ago, the NCAA suspended former UConn coach Jim Calhoun for failure to create an atmosphere of compliance within the program in regard to recruiting violations by a team manager. That same year, UCF's Donnie Jones was suspended three games after the basketball program was found to be involved with runners for sports agents and making cash payments to recruits.
The NCAA decision will affect all of Miami athletics in one way: In all sports, any Hurricanes staff member who sends an impermissible text to a prospect will be fined a minimum of $100 per message, and coaches involved will be suspended from all recruiting activities for seven days. The NCAA said a probe of Miami actually started in 2009, when the school self-reported impermissible telephone calls and texts.
The NCAA's decision comes 2½ years after the investigation of Miami began. It also comes eight months after the NCAA said the Hurricanes did not "exercise institutional control" over Shapiro's interactions with the school's football and men's basketball teams.
Shapiro is a former booster and convicted felon serving a 20-year sentence for masterminding a $930 million Ponzi scheme.
Andy Katz of ESPN.com and The Associated Press contributed to this report.