Yes he does he owes the school he received a very expensive education to play a game that is going to make him rich.
This decision speaks volumes of his character, and he will forever be known as a quitter. You don't have to like it or agree but I promise him quitting has been a topic when his name is brought up among scouts, GM's and coaches.
Let say a team is a debate between drafting Carter and drafting Harris from from Alabama, both players are equal and one quit on his team before the biggest game and the other played for this team, who you drafting? Never the quitter, and if you or anyone says differently your not being truthful.