It seemed like a done deal that Caracter would drop down to play right away. The transfer to Oklahoma City in the NAIA seemed like a lock. There was no way he'd transfer from Louisville to somewhere else in Division 1. He'd have to sit out a year, and given the lack of motivation he had when he had playing time, what would happen to him if he sat? Of course, this is Derrick Caracter, who seems to have no clue what he wants. So, why not transfer to Southern Mississippi.
Southern Miss has apparently received Caracter's release and transcript from Louisville to make the transfer happen. Caracter sitting out a year. Just working out and (maybe) going to class. That doesn't seem likely.
I'm not rooting against the kid. With the talent he has occasionally shown, I'd love to see it work. If I had to bet, though, the money would be flowing the other way.