Sources have told me the following about what happened to Corey:
After the team got back from OSU Corey talked to an agent (to most likely represent him in Europe) and, from what I've been told, went to an NCAA tournament game with said agent. Meeting with any agent while still playing is illegal per NCAA guidelines and Corey then in all technicality couldn't play another game as an amateur - Chambers was left without a choice - if he let Corey play and somehow higher ups found out about any meeting then we're the newest Binghamton in the America East. Chambers had to let Corey go based on what happened.
I'm assuming Corey didn't actually know that he couldn't meet with an agent. This means at the end of the day Corey unknowingly made a mistake and Chambers was left without any options.
Hopefully further details are revealed soon, but this certainly makes sense in the grand scheme of things.