No, at DI & DII you can not red shirt him, he will be on the roster but unavailable to you from a depth chart. To get the 4th year he needs to have a GPA of 2.7 (or higher) following his 3rd season (his "Sr" year). Supposedly they can elect not to come back even if they are eligible GPA wise but that has never happened to me.
Also, put all individual practice minutes into study hall--he is not practicing with the team and will not improve (on skills or IQ) during the season. It is a waste of minutes to put them anywhere except on study hall.