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He missed the draft and betting on your own team while you are on the roster is a lifetime CFB ban. He only checked in when he had no options and it was coming out.
They even softened the penalties for the Iowa and Iowa State athletes betting on other sports that got season bans. This looks so much worse than what they did.
He is really shooting for sympathy points and it may be enough to sit out a season and lose $5 million and get that sympathy from the NFL in a year. His best course of action for that is to probably remove himself from the roster and announce he is done with CFB because a lifetime ban would be a bad taste for the NFL.
Oh if he can play, some school will grab him. All he must do is complete some rehab program for gambling and that will give the school a plausible reason to sign him. Don't forget, we have transitioned into professional football at the college ranks. Revenue streams matter. Wins are secondary to the hype they can generate with a known player. That translates into ticket sales and also merchandise sales at any number of websites.