Though basketball and other sports traditionally play second fiddle to the school's powerful football program, USC officials may be hoping that Floyd's resignation will serve as a "mitigating factor" for the NCAA as it considers penalties, an expert on the organization said.
"But how much it would help, I don't know," said the expert, who requested anonymity because of the sensitive nature of his work with schools.
Garrett said in a statement that he would quickly begin the search for a new coach, adding, "I accept Tim's decision and wish him well." He made no other comment.
Floyd has mostly stayed silent the past month, but did lament the crumbling of his program during some brief remarks to The Times at a recent tour stop of USC booster organizations.
"Kansas has two players who would have been NBA lottery picks, Cole Aldrich and Sherron Collins, and they are returning to school," he said. "Good for them.
"Our guys get an offer from Islamabad and they're gone."
Telephone and text messages left for Floyd on Tuesday went unanswered.
USC's school policy has been not to comment on matters involving the NCAA investigation, and President Steve Sample has remained silent.
In response to The Times' inquiries, the school said recently that it had participated in interviews with nearly 50 witnesses.
But attorneys for the main accusers of Mayo and Bush say USC did not seek to directly speak to their clients.
USC spokesman Todd Dickey said in a statement Tuesday that the school was "cooperating fully" in the NCAA investigation and another by the Pacific 10 Conference "into all allegations" of rules violations.
"At this point," Dickey said, "it would be both inappropriate and premature to comment further."
The fallout from allegations against the basketball team has been a mass exodus of talent. USC lost four of its top returning players -- they elected to turn pro -- and at least three top recruits decided to play elsewhere.
"I believe Louis' information was the breaking point to whatever else USC or the NCAA already had on Floyd," Anthony V. Salerno, Johnson's attorney, said Tuesday. "I bet USC gave him [the] opportunity to quit and save face. Why wouldn't Tim Floyd put up a fight against what Louis said? He didn't even comment."
Floyd had a record of 85-50 in his four seasons at USC. The result of his resignation may not be known for some time.
The recruits who have not left the Trojans are said to be considering asking the university to release them from their commitments, including guard Lamont Jones of Oak Hill Academy in Mouth of Wilson, Va.
USC guard Daniel Hackett, who played for Floyd the last three seasons, defended his coach, saying, "I feel like with all this speculation, Coach Floyd did a selfless act. He resigned for the sake of the program ."
Hackett said he didn't believe Floyd had anything to do with alleged payments.
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chris.foster@latimes.com
Times staff writers Paul Pringle and Lance Pugmire contributed to this report.
