From the official release:
UCLA men's basketball head coach Ben Howland announced today that 6-foot-8-inch freshman guard/forward Chace Stanback will not be returning for next season. Stanback, a two-time state champion from Los Angeles' Fairfax High School, will transfer to play his final years at another school.
Stanback, the 2007 California Division I Player of the Year, will leave UCLA after the spring quarter and hasn't made a decision as to where he will transfer.
"Chace [Stanback] is an outstanding young man and we appreciate what he did for this program this past year," Howland said. "He helped us win a Pac-10 championship and get to the Final Four and we will always be appreciative of his efforts. We are supportive of him and his future in whatever direction he decides to go."
Stanback averaged 1.0 points and 0.7 rebounds per game while appearing in 25 of the 39 games without making a start during the 2007-08 season. He played in 144 minutes (5.8 minutes per game) while shooting 40.4 percent (19-for-47) from the field and 33.3 percent (7-for-21) from three-point range on the year.
"After speaking with my family and thinking about it for a long time, I feel that it is in my best interest to explore other opportunities," Stanback said. "I want to thank my coaches and teammates because they have helped me improve as a player and grow as a man and I am thankful to them for that. I have a lot of great memories and really enjoyed my time here at UCLA."
http://uclabruins.cstv.com/sports/m-baskbl/spec-rel/043008aab.html
Can't say that I'm all that surprised by this news, given the heralded perimeter players joining the program next year.
Best of luck in the future, Chace.