Well, this is interesting. According to the Indianapolis Star, which has quotes from his high school coach, Remy Abell may be seeking to revoke his decision to transfer from IU. At the very least, it appears that Abell's mother has gone so far as to travel to Bloomington to speak to Tom Crean about a possible return to IU. This would seem to cast doubt on the speculation that Abell was cut from the team because IU is oversigned by one scholarship (it was never a particularly plausible theory anyway, because Abell's departure leaves IU without a backup scholarship point guard--Center Grove grad and IPFW transfer Jonny Marlin, a walk-on, will be the likely backup if the roster remains as is).
I have no idea what is going to happen, but this obviously is something to watch. IU already has offered a scholarship to former Northwestern recruit Jaren Sina of New Jersey. Would that offer come off the table if Abell returns? I would guess so, but who knows. Reading the tea leaves based on comments of those in a position to know, it seems likely that there is going to be some near-term attrition, although nobody is saying who might be leaving or why. I do believe this would be a first for IU basketball if Abell changes his mind after a public transfer announcement.