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Even if he decided to stay on scholarship I am sure there is a way to have it not count towards the allowed basketball schollys since he isn't playing. Just like you have all those guys who need to retire from football, but don't count towards the scholarship limit like AR, Malek, etc.

He can get playing time in europe. I have seen tons of guys worse than Dewan play on teams over there. Even if he can't play right away why would he waste his time studying and going to classes when he could just practice ALL day until euro league tryouts?

I doubt he would even want to continue his degree. He will probably be on the next plane to europe.