I know I'm a little late to the game getting something posted about this, I just wasn't sure how to analyze it. And to be honest, I'm still not sure what to say. The best analysis I've seen on it possibly working out ok for us is over on Leather Helmet Blog. Read the article, and read CFBZ's comment under the article as well. Looks like everything is hinging on the "pre-existing relationship" argument, though I'm not sure how airtight that argument is.
The NCAA has been so hit-and-miss with their enforcement recently that there's no telling what direction they'll take. They've come under a lot of scrutiny for not being tough enough recently, so they may try to make an example out of this situation. In the meantime, I'll be sitting here with my fingers crossed, because if we lose Jones' athletic and playmaking ability for the first 4 games like we lost AJ last year, it's really going to hurt what Grantham is wanting to do with the defense. With the first 2 games that we've got, we need all the playmakers on the field that we can get.