Trayanum, who started his college career at Arizona State, ranks second on the team with 373 rushing yards and three touchdowns this season, including the game-winning score in the final minute at Notre Dame on Sept. 21.
Injuries repeatedly thrust Trayanum into action for the Buckeyes, and he started last year's game against Michigan in Columbus.
The Akron, Ohio, native played running back for the Sun Devils for two years but was pegged to play defense for the Buckeyes when he transferred. He had 15 carries for Ohio State late in the 2022 season, and he has 1,156 career rushing yards and 13 touchdowns on 227 carries.
"Dear Buckeyes, thank you for allowing me to obtain my degree from this prestigious university and play in the shoe," Trayanum wrote on X. "I would like to thank everyone who has helped me further develop into the person I am today, on and off the field.
"To the brotherhood: I love you guys. We made a lifetime of memories over the last two years. Thank you for always supporting."
Starter TreVeyon Henderson, who battled injuries the past two seasons, is also eligible for the draft and hasn't announced whether he will play in the Cotton Bowl against Missouri. Ohio State also could turn to Dallan Hayden, whom the team planned to redshirt the season after rushing for 553 yards and five touchdowns on 111 carries last fall.