With all the rampant speculation, here are the facts from the man himself.
Here's an interesting take from Bill Greene of Bucknuts in light of Chase Young's revelation:
Maybe I'm way off base here or maybe the people I'm listening to have no freaking clue, but I don't think OSU is feeling that he's done at all.
Now you do your investigation, report your findings to the NCAA, and supply them with what you think the penalty should be. They either agree or disagree.
The people I'm speaking to feel he will get slapped on the wrist by the NCAA for one or two games, but that he will be back.
At that point, it's up to the NCAA and you never want things in their hands.
As of 10:08 on November 8, my guess and only a guess is that he's back this year. Whether that's for Penn State and/or Michigan will be up to the NCAA. OSU feels he should be back.
Also, this tidbit from Austin Ward:
Lettermen Row has been told by numerous sources that Ohio State is "optimistic" he will return this season.
And this from Bruce Feldman:
Speaking to an NCAA compliance expert on the Chase Young situation: “If it is a loan he repaid and can prove it--one game suspension might be enough."
Furthermore, it seems that Chase Young and/or Ohio State are utilizing the services of Tim Nevius, a former NCAA investigator and current sport attorney, who had this to say regarding the situation on Twitter:
Chase took a small loan from a close family friend last year to cover basic life expenses. Loan was repaid months ago and we’re working to restore his eligibility. Unfair and outdated NCAA rules punish athletes for making ends meet while enriching everyone else.
Ironically, according to Ramzy, Tim Nevius was the NCAA investigator for Ohio State's tattoo scandal a decade ago. Here's to hoping he redeems himself.