From the FAQ --- the key for the player coming back is keeping his cumulative GPA above 3.0 until that 5th season... I've had a guy recently not qualify and he left (in that case he was a sim recruit when I took over a team, so I wasn't really paying attention and happy to have him leave - not sure I even noticed he had been a non-qualifier). I actually received an email saying something to the effect of "hey coach, my gpa is below 3.0 so I'm outta here!!!!"
Q: My senior point guard came as a sophomore. He was a transfer from a D-II school where he was an academic non-qualifier as a freshman. He has kept a 3.0 GPA, will he have an extra-year of eligibility?
A: Yes, he should have a 5th year of eligibility if he chooses to stick around after he graduates.