I made a post a couple weeks back after talking to a friend who played with JRM on Teams 117-119, and he told me not to rule out the possibility. There are a few factors he mentioned, most revolving around his potential to be drafted. He's such a tweener between safety/LB/nickel, which is one thing that makes that difficult. Another issue, as a previous poster said, is his repeated shoulder injuries now. Compound that with the fact that he's likely going to need yet another surgery, therefore missing significant reps that are important for rookies, and he may be even less appealing. Another year at UT may benefit him *IF* he stays healthy for it.
Also, my buddy made sure to school me on the rule, which is that a player must play <1 quarter of a season to be eligible for a medical redshirt. This is measured in quarters played, and JRM has played in <12 of them.
I really don't have any insider info, only what my friend's opinion was when Butch said they were giving him "options". I really hope he does whatever he wants and doesn't look back. One of my favorite Vols ever. I will fully support whatever his choice is.