"I am pleased we were able to work with the NCAA to get a resolution regarding this matter," said Virginia coach Mike London in a statement. "We look forward to having Phillip and the rest of our team in camp this August."
Sims transferred to Virginia from Alabama where he spent two seasons with the Crimson Tide. Sims redshirted the 2010 season before serving as a backup to A.J. McCarron during the 2011 season. He appeared in 5 games for the Tide last season, completing 18 of his 28 passes for 163 yards, no touchdowns and 2 interceptions.
He has three years of eligibility remaining.
Of course, just because Sims is eligible to play in 2012, there's no guarantee that he will. While he's likely to get a shot at the starting job before the season starts, with Michael Rocco returning, the odds aren't in his favor.
Still, considering McCarron just quarterbacked Alabama to a national title, Sims' chances of playing are a lot better in Charlottesvills than Tuscaloosa.