I believe the rule is in place to keep players from purposefully acting up in order to get dismissed and transfer somewhere else immediately. Technically, the school can ask for a waiver and the NCAA can review, but it looks like that wont happen in this case.
According to the article, Jenkins has been suspended for academic reasons in the past so he probably isn't going to graduate this summer as a 3 year grad. That's ok, let's get the young man on the right path for his degree, immerse him in the culture, and unleash him next year. We're stacked at DL this year anyway and having him replace Chevis the next year keeps us stacked the following year.