The NCAA has issued a statement regarding its denial of Jeremiah Masoli's waiver request, which will prevent him from playing football for Ole Miss in 2010 barring a reversal of fortunes:
In its decision, the staff noted the student-athlete was unable to participate at the University of Oregon based on his dismissal from the team, which is contrary to the intent of the waiver. The waiver exists to provide relief to student-athletes who transfer for academic reasons to pursue graduate studies, not to avoid disciplinary measures at the previous university.
Empirically, this does make sense, although sportswriting wags are already pointing out that this why we have the FCS. Ole Miss will appeal the decision, obviously. In the interim, we can only imagine trying to spell the words spewing from Houston Nutt's maw right now.