If so, it means he's eligible for next year's draft no matter what he does for the next year. In fact, he would have been eligible for this year's draft if he could have claimed to be a HS grad.
Odds are very high that he's never going to play 1 second in college. He'll do whatever this year (find a prep school team, most likely) then be in next June's draft.
I think he faces a conundrum. If he could somehow get eligible for college, and played well, he'd be far more likely to go top 10 than of he plays at a prep school. But he's probably far more of a lock for the 1st round if he never sets foot on a college campus (see Bol Bol for the reason why).
I highly doubt he takes that gamble, if he's even in an academic situation where it would be possible.