Jake Heaps Transferring...or not?

According to Brett McMurphy at ESPN, Jake Heaps will be transferring from Kansas.  However, according to an article by Matt Tait at KUsports.com, Heaps attended a team meeting on Tuesday and is still listed on the roster.  Not that continuing to attend meetings and being listed on the roster guarantees much of anything, it just shows that Heaps is currently a member of the team and could be back next year.

A transfer wouldn't be a huge surprise to many people considering the circumstances surrounding Heaps at the moment.  Head coach Charlie Weis has already named Montell Cozart as the starter for the 2014 season, leaving Heaps relegated to second string duty.  The hiring of John Reagan also throws a kink in the system for Heaps due to the belief that Reagan will move away from the pro-style offense that Weis wanted to run and sold to Heaps when he transferred in from BYU.  If Reagan wants a quarterback that can move around the pocket, Heaps is at a disadvantage.

There's one more issue for Heaps at Kansas, if Cozart does struggle or get injured, is Heaps even the second option considering this is his last year of eligibility?  UCLA transfer T.J. Millweard is listed as a sophomore following his redshirt season.  If the coaches are forced to play a second quarterback due to injury or Cozart struggling, I could easily see the staff leaning towards Millweard simply because he has more time to develop into a contributor to the KU football program.

Tait's article lists the following schools that Heaps has reportedly been allowed to contact:

According to Jordan Buscarini, host of Drive Time Sports on Utah-based KOAL radio, Heaps has been given permission to seek a transfer to the following schools: Utah State, Southern Utah, Eastern Illinois, SMU, Boise State, Montana State, Northern Colorado, Fresno State and Hawaii.

Without looking it up, I'd be surprised if Heaps is able to transfer to another FBS school due to eligibility rules.  He has already played two years and taken his redshirt year, so he should only have one year of eligibility left.  If he transfers to a lower division, I believe he will be allowed to play immediately but without a hardship waiver I do not think he can play this year at the FBS level.  This is all from the top of my head and memory, so if I'm wrong help me out in the comments.

If you're leaving us Jake, good luck!  It didn't work out in Lawrence last year but it wouldn't have worked out for many quarterbacks last year.