A: Yes, a player's scholarship can be rescinded anytime after the conclusion of the job change period and prior to signings starting during the following recruiting period. Simply click on 'rescind scholarship' next to the player's name in the coach's office.
Note that you must have seasons remaining on your account before you can rescind a scholarship.

Keep in mind, that rescinding a scholarship of a player that you signed for no fault of the player may make recruiting for your school more difficult in the future as no kid will want to play at a program which isn't loyal to it's players. Also, you do not receive any additional recruiting money when you rescind a scholarship.

NOTE: Cutting a player could lead to other players becoming unhappy and leaving the team as well."