Robby Anderson has been ruled eligible to play this season.
The wide receiver successfully completed his summer classes at the university and will be listed as a redshirt senior.
Anderson re-enrolled at the university in June after being dismissed for academic reasons in 2013.
As a redshirt sophomore, Anderson caught 44 passes for 791 and nine touchdowns.
The Fort Lauderdale, Florida native, who began his career at Temple in 2011 as a defensive back, redshirted his first year on campus and was later converted to wide receiver during his sophomore year. The 6-foot-3 inch receiver averaged 79 yards receiving per game and totaled 1,037 all-purpose yards in 2013.
Anderson is the second Owl to receive a waiver this month. Wide receiver Adonis Jennings successfully petitioned the NCAA for a waiver and was ruled eligible on July 29.