IU has released a statement indicating that Jeremy Hollowell will be back on the court for IU's New Year's Eve game at Iowa, according to the Hoosier Scoop and many other sources. Here is IU's statement:

Earlier today we were advised by the NCAA that they have accepted our self-reported secondary violation involving Jeremy Hollowell and, consistent with our proposal, immediately reinstated his eligibility. He will travel with the rest of the team to Iowa and be eligible to play in that game and all other games going forward. I would like to thank the NCAA for its assistance and responsiveness, especially during this holiday season when their office is officially closed. I also thank Jeremy Hollowell and his mother Chandra Lockett who raised this issue and have continued to be forthright and forthcoming throughout this matter. Finally, I thank our athletic department and men’s basketball staff who worked diligently and professionally to help bring this to a positive conclusion. I am proud of how Indiana University has handled this situation. We will release the details of this matter later this week. Until then we will have no further comment.

I suppose we will know more when we know more. For once, however, what looked like a minor issue turned out to be a minor issue. I'm glad that Hollowell is able to resume his freshman season.

I have to say that I am surprised to learn that the NCAA closes for the holiday season. I suppose that is consistent with the way the universities served by the NCAA operate, but considering the NCAA's rule as a quasi-judicial body for college athletics, which continues through the traditional semester break, I'm surprised. Regardless, it's done, apparently, and we will know more in a couple of days.