From my understanding, although I don't use pull downs at D-3, he will probably drop down if no other D-2 school is pursuing him. I wouldn't put any more money into him, just wait and see what happens.
In the meantime, I wouldn't count on him dropping and with a C+ prestige, you may want to look at other players at D-3.
I might be wrong, so maybe someone else can chime in.