Here's how I believe it all works.
-Obviously if he would have stayed at UF he could have played Mid 2016.
-If he goes FCS he can play mid 2016 since he just has to finish his suspension, not sit out a year.
-If he goes straight to FBS he can't play until Mid 2017 since he sits out a year then finishes his suspension.
-If he goes JC he can play immediately but gets no credit for his suspension. So if he wants to transfer back to FBS (or FCS but no reason to do that after going JUCO) he just has to finish his suspension but no longer has to sit out a year because of the JUCO year so he would be eligible Mid 2017.
So looking at all those options JUCO seems to make the most sense because by the end of the year he is eligible for the Draft, and if he develops further he would likely be a highly regarded QB in the 2017 NFL Draft. This option also is the only one that lets him give the finger to the NCCA and tell them to shove their suspension which seems like it would be appealing to this spoiled family. And if he doesn't project well for the 2017 draft he can then transfer to FBS finish his suspension and didn't lose anything, so JUCO seems the most likely.
Second most likely might be FCS. It would allow him to work toward a degree at a University, not JUCO where he should have already finished all those courses anyway. Then at the end of the FCS playoffs and a possible championship, he again is eligible for the 2017 NFL draft, or stays and plays another year of FCS if he isn't projected to be drafted high enough for Chad's liking.
Least likely would be to go straight to FBS since he can't play for another year and a half and will have missed 2 full years since his last snap in 2015 and first in 2017.