Brannen was placed on paid administrative leave on April 3 as the school conducted its investigation.
"Ultimately, the university is acting in the best interests of our student-athletes and of the institution, and this decision is reflective of our commitment to both, as well as to our values we hold dear," athletic director John Cunningham said in the statement. "As this is a personnel matter, we are unable to provide further details of the program review or the decision."
The move comes after a mass exodus of players from the Bearcats' program following the season.
"It was just hard. To the point where, at some points during the season, I kind of didn't love the game of basketball," one player told The Athletic's Justin Williams. "It wasn't fun to me anymore. I lost the love of the game. And I feel like that's all because of coach Brannen."
Brannen spent two seasons with Cincinnati following a four-year run at Northern Kentucky. The Bearcats finished the 2020-21 season with a 12-11 record, its worst winning percentage since 2008.
After Cincinnati's verdict, Brannen released his own statement, saying he was "disappointed with this decision for a long list of reasons, but mostly because it was made long before the university even commenced its 'investigation' into the basketball program."