This is a big story. Very impressive for a guy who hasn't played football in 4 years. And hes showing up his brother who had a terrible couple games with UNC at QB last year.

Can somebody explain the eligibility loophole being exploited here?

Matt, in response to your question, student-athletes are permitted to use a one-time transfer exception, and thus participate in athletics, when they are enrolling in a graduate or professional school of an institution other than the institution which he or she received their undergraduate degree from. Normally the one-time transfer exception does not apply to baseball, basketball, men’s ice hockey or bowl subdivision football; however, in these instances the institution the student-athlete is transferring to can submit a waiver request on behalf of the student-athlete. If the institution is able to show that the student received their undergraduate degree, has been accepted to the graduate degree program at the institution they are transferring to and that the former institution does not offer an equivalent graduate degree program, the NCAA may chose to grant relief from this rule and allow the student-athlete to participate without having to wait one year (“serve a year in residence”). Furthermore, assuming that the student-athlete is in good academic standing, Division I student-athletes are given five years to participate in four years of competition in any sport. So, although Greg Paulus competed for four years at Duke in the sport of basketball, he still has one year left on his “clock” to participate in a sport other than basketball, thus he has one year in which he can participate in football at Syracuse.