The ruling effectively ties the university's decision to the results of the court case, of which the preliminary hearing is in February. They could choose to revise their policy, but to even organize something like that could take months.
The Title IX portion is effectively irrelevant, as the court ruled that it did not apply here, so the university has nothing to do on this front. The ruling is just that suspending him without due process and a chance to defend themselves is unfair to Shannon.
As a result, TJ Shannon will play immediately, and at the least until the resolution of the court case. If he's found guilty, he'll be dismissed from the team. If he settles, the university can and probably will move to dismiss him from the team.
Here's a thorough podcast on the situation and result from today: