Don't believe this is true. He would be eligible Fall 2011, he has to sit out one year, and he was on the Gopher team roster in Spring 2011. And since he didn't leave in good academic standing, Iowa State (or any other school) can't pay any of his scholarship money until he regains good academic standing. Which should mean they can't pay for the first semester.
The bigger question is whether he can get admitted to Iowa State. Maybe that's what they're trying to clear up with this visit. I don't believe Iowa State will admit anyone that doesn't leave a university in good academic standing. And numerous people i've talked to have told me that he didn't leave U of MN in good academic standing.
EDIT: really makes you wonder how in the world Baylor is in the mix right now. It's one of the toughest admissions in the Big 12, and as a private elite school, i find it astounding they would admit someone who leaves another institution in poor academic standing.