http://whatifsports.com/hd/PlayerProfile/Stats.aspx?tid=14029&pid=2666861
Amos Jorgenson on my TCU team in Phelan was ineligible his freshman season at Kentucky. Played his second season there then transferred to my school where he has played two seasons. His gpa is 3.5, so that part is clear. Really just asking out of curiousity, my team can live with or without him.

He could come back based on the rules ... but I don't recall ever having a transfer who was also academically ineligible.

The wording in the FAQ is that ineligible players at Div-1 have:

3 years of eligibility (depending on their collegiate gpa, they may be granted a 4th year of eligibility if they maintain a 2.7 cumulative GPA or higher)

Whereas for Div-2 it says:

player will have 4 years of eligibility.

So, it would seem that at Div-1, there is a chance that an ineligible player will say that he is done with college and not play as a 5th year Senior; while at Div-2, they do play for 4 years all the time.  At Div-3, it doesn't matter as they can play from the beginning.

Jorgenson did come back in case anyone was curious.

So it wasn't quite a fat chance after all.