Yes, but the devil is in the details. The NCAA hasn't raised the scholarship limit, so there's a problem with the numbers. It may or may not work out with guys transferring because there'll be less spots at other schools as well.
Otherwise, there'll be guys with eligibility, but no scholarship.
They will have to make an exception for that year on returning players using their extra year. Goes hand in hand with their allowing them an extra year of eligibility