If a FB player completes 4 yrs of eligibility this season/term and graduates, can he work on a second undergrad degree to play yr 5 or must he be a grad student? 

If you respond, deferentiate between speculation and definitely knowing. Thank you.

Yes because of 5 to play 5 rule.

They can enroll in a completely new baccalaureate program or enroll as a regular graduate student or postbaccalaureate student.

https://ncaaorg.s3.amazonaws.com/academics/d1/D1ACA_PostGradEnrollmentOptions.pdf