Two-time All-Pac-12 quarterback Marcus Mariota put the NFL Draft and the prospect of a multi-million dollar contract on hold Tuesday with the announcement that he will return to Oregon for his junior year.

Mariota, a Saint Louis School graduate and sophomore at Oregon, would have been eligible to pursue the NFL Draft in May since he redshirted in 2011, his first year at the school.

ESPN.com draft analyst Mel Kiper Jr. had projected Mariota as a top-five pick in the first round and forecast him as the second quarterback that would be taken.

The top five picks in the 2013 draft all signed four-year contracts worth more than $18 million, and the top 10 picks all had deals in excess of $12 million.

But Mariota, who is 22-3 in two seasons as the Ducks’ starting quarterback, said in a telephone interview that money "can’t buy the amount of memories or experience I have here." He said the decision not to enter his name for the draft was "tough, but wasn’t as hard as people may think it was."

His mother, Alana, said the decision to forego the possibility of a lucrative contract for the time being "makes my heart go pitter-patter a little bit because it is a huge decision, but, basically, it just reaffirms who he is. He just loves playing college football, he loves the team, he loves the community there (and) he wants to get his degree."

Mariota said he hopes to complete his degree in general sciences in the summer of 2014.

The (Portland) Oregonian newspaper immediately headlined Mariota’s decision to return as, "the biggest victory of (head coach) Mark Helfrich’s tenure."

His status for 2014 had been a matter of much conjecture in Oregon, building as the season progressed.

"It does get a little tiring week in and week out (when) the media continues to ask me the same questions about whether or not I’m coming back," Mariota said.

But with Tuesday’s announcement, Mariota said, "It is awesome to be able to just say that I’m coming back and see the excitement around campus, the excitement around the community. It is pretty special."

After the final game of the Ducks’ 10-2 regular season last week, Mariota put in papers requesting an NFL evaluation of his draft status. But Mariota said he’d already made his decision over Thanksgiving. His mother said they have yet to hear back from the NFL.

"It (returning) was the right decision for him," Alana said. "Ultimately, as a family, we all came to the same conclusion."

Oregon’s all-conference center, Hroniss Grasu, made his announcement to return in tandem with Mariota. "We wanted to be able to make this decision together," Mariota said.

Mariota completed 227 of 360 passes (63.1 percent) for 3,412 yards and 30 touchdowns as a sophomore. His 3,994 yards of total offense set a single-season Oregon record. He had been considered the front-runner for the Heisman Trophy until a knee injury suffered in the second half against UCLA and subsequent losses to Stanford and Arizona set him back.

Chris Huston of Heismanpundit.com said he projects Mariota "could be a Heisman front-runner" in 2014 along with Braxton Miller, should the Ohio State quarterback also return.

Saint Louis School president Walter Kirimitsu said in an email, "We at Saint Louis School totally support Marcus and his decision."