The body of 21-year-old Lucas Homan was found in the river near Riverside Park by the La Crosse area search and rescue teams.
Police and state agents will continue their investigation into Homan's death.
Homan was last seen early Saturday morning after celebrating Oktoberfest in downtown La Crosse. His roommates called police Saturday night after they hadn't heard from Homan.
Police, family and friends searched the area yesterday. Authorities also used a helicopter and five boats in their search.
Homan played basketball as a walk-on at UW Milwaukee for two seasons before transferring to UW La Crosse last year. Homan graduated from Brookfield Central High School, where he was named the 2003 Greater Metro Conference player of the year.
He was celebrating Oktoberfest at a downtown La Crosse bar called The Vibe.
UW La Crosse student Jared Dion drowned in the Mississippi River in 2004. He was the seventh college student to drown in La Crosse-area rivers since 1997. Police have said the drownings were alcohol-related.