StevieBuckets said:
Yes, my understanding is that they can return. There is nothing about entering the portal that nullifies your scholarship.
That said, I don't know the nitty-gritty of it, so take everything I speculate with a grain of salt!
https://web3.ncaa.org/lsdbi/reports/getReport/900082020-21 NCAA Division I Manual
Bylaw 15.3.4 Reduction or Cancellation During Period of Award.
Bylaw 15.3.4.2 Reduction or Cancellation Permitted.
Institutional financial aid based in any degree on athletics ability may be reduced or canceled during the period of the award if the recipient:(e) Provides written notification of transfer (see Bylaw 13.1.1.3) to the institution; however, the student-athlete's financial aid may not be reduced or canceled until the end of the regular academic term in which written notification of transfer is received. If a student-athlete provides written notification of transfer to the institution between regular academic terms (winter break, summer break) the institution may reduce or cancel the financial aid immediately.