Correct me if Im wrong here: If he does not come back for spring practice then he loses his scholarship, yes?
The opt-out option was only for the fall season, no?
I still think his best move is to graduate from UM this summer then transfer to a Div. II school. I think his skill level translates well at the D-II level. He can go to a Valdosta State or Carson Newman type program, be the starting QB on a playoff caliber team and get a free masters degree in the process.
Unless he just wants to ride out his time at UM in 2021, where he would likely not get invited back for 2022, so he'd have to pay for the second year of his masters program out of pocket.