The school announced the lifted suspension on Monday.
Charges came against the 37-year-old MVSU coach in early July. Over the weekend, the school decided to allow Potts to return to campus. While away, he was on paid leave.
In a statement Potts said, "I am thankful the legal process has concluded and look forward to returning to my responsibilities ashead men's basketball coach at Mississippi Valley State University. I look forward to working with the students and fellow coaches as we prepare for the upcoming season."
According to WABG News, Potts' wife, Kimberly, remains employed at the university.
Mississippi Valley State went 5-23 last season in its first campaign under Potts.