Remember, the NCAA made a monumental policy change last month ... finally giving players the opportunity to rake in dough via endorsement deals and sponsorships.

Bush -- who gave up his 2005 Heisman in 2010 after receiving improper benefits -- called out the NCAA and Heisman Trust after the new rules were announced ... saying both organizations were ignoring his pleas to have his Heisman returned.

The NCAA finally addressed the situation on Wednesday ... saying Bush's case is not covered by their new order -- therefore, he will not get his trophy back.

"Although college athletes can now receive benefits from their names, images and likenesses through activities like endorsements and appearances, NCAA rules still do not permit pay-for-play type arrangements," an NCAA spokesperson said.

"The NCAA infractions process exists to promote fairness in college sports. The rules that govern fair play are voted on, agreed to and expected to be upheld by all NCAA member schools."

Bush is considered one of the best college football players ever -- from 2003 to 2005, he logged 3,169 rushing yards, 1,301 receiving yards, and 38 overall touchdowns.

He also won the 2004 BCS Championship ... a victory that was vacated as a result of Bush's punishment.