There will still have to be strings pulled in order for Akwuba to transfer to another school, even as a grad transfer which he is listed as. Below is from the NCAA eligibility center.
Postgraduate Transfer Eligibility
Q12: What if the student-athlete transferred previously from another four-year school as an undergraduate student?
A12: Generally, a student-athlete who has previously transferred from another four-year school would not be able to use the one-time exception as a postgraduate transfer. However, a waiver process exists for postgraduate students with a previous transfer history.
Per this terminology Theo would need a waiver in order to be eligible to play next season. This is similar to the Desi Sills situation at Ark St. and Jay posted in another thread he has heard he is likely to return after realizing the difficulties he faces in transferring. Keep in mind Akwuba already received a hardship waiver that made him immediately eligible to play here since when he transferred from Portland the one time transfer rule was not in effect and he was supposed to sit one year. Whether or not he gets a waiver and transfers I do think entering the portal makes it more likely for him to not return and end up playing professionally somewhere overseas.