The school and law enforcement officials announced an investigation concluded that Behanan was not aware or involved in the process of auctioning off the ring.
Auction house Grey Flannel stated that Behanan's mother, Heaven Warren, said Behanan gave his ring to his grandmother, but the ring later went missing.
Warren received a text message that the ring was posted for online bidding, so she planned to file a police report in Cincinnati, where she lives.
Three bids were placed on the ring. The price was more than $600 when the auction was cancelled.
Warren said Behanan was "very upset" after finding out the ring was missing and knew that selling memorabilia is prohibited by the NCAA.
"Why would he sell his ring with his name on it?" Warren said. "He gave that to his grandmother to keep."