Second chance? Of course--learning from mistakes is part of a college education.
Restore to teammate status? Of course--our team is family and forgiveness (with repentance and demonstrated trustworthiness) is second only to love in a family.
The problem here is this: to a greater degree than any other adults on campus, coaches take on the responsibility of loco parentis--standing in for the parents. That means parents must be in complete agreement with coaches on values, goals, and priorities. Parents must be willing to (shut up and) trust the coaches' judgement in their day-to-day interaction with the player. Demographically, Hurd is on the cusp of a generation guarded by helicopter moms umbilically linked 24/7 via cell phone. These are not the tools by which maturity is easily attained.
Hurd is now twenty, legally an adult. Would coaches want to be "contracted" directly with the player, if the player sees his "lesson learned" is to ignore advice from home? Not sure how that plays out, legally or practically. I'm sure it's happened before in college football, but would those coaches do it again?
I don't think this gets serious consideration unless CBJ is fully convinced that Hurd and his family--including extended family--are in full agreement on what mistakes were made and are fully committed to Jalen being a VFL, 24/7, in heart, mind and body.
I don't think it will happen, but under those circumstances and with that attitude, a VFL Jalen Hurd committed to developing a career at TE for the next level (with a redshirt season) would have the potential to make special contributions to this team, both on the field and in the locker room. It'd be a heckuva redemption story for journalists and fans.