Patterson, who tied the FBS record for rushing touchdowns in a game (eight) in November, made the announcement via Twitter.
Patterson led the FBS in average rushing yards per game with 178.6 this season. His 19 touchdowns were second in the country to the 24 by Alabama's Najee Harris. His 7.6 yards-per-rush average was third nationally among FBS backs with at least 100 carries.
Patterson rushed for 1,072 yards in only six games, 710 of which came in a two-game stretch in November. Against Bowling Green on Nov. 17, Patterson rushed for 301 yards and four touchdowns, then followed it with a 409-yard, eight-touchdown performance in a 70-41 win over Kent State on Nov. 28. The 409 yards was the second-best single-game rushing performance in FBS history behind Oklahoma State's Samaje Perine in 2016 (427 yards).
His two-game 710 rushing yards total is the most in FBS history.
Patterson, the MAC's offensive player of the year, rushed for 1,000-plus yards in each of his three seasons with the Bulls. He finished his Buffalo career with 3,884 yards and 52 touchdowns.
"We're happy for Jaret and his family," Buffalo coach Lance Leipold said, according to The Associated Press. "His accolades on the field speak for themselves, yet it is his leadership and the way he represents our program that will ultimately help him succeed at the next level. We are thankful for all he has done for our program and he will forever be a Bull."