They'd be nuts to release him from his LOI though without a valid reason from Waters. This is almost unprecedented, as high school seniors only request releases from their LOI if there's a coaching change. As of right now, that hasn't happened.
An example of this actually happened a few years ago in football with Eddie Vanderdoes of UCLA, who claimed he had a sick grandmother he wanted to be close to, rather than go to Notre Dame, after he had already signed his LOI. Notre Dame denied him his release, it went to the NCAA, where they oddly ruled in favor of Vanderdoes, meaning he didn't have to sit out a year at UCLA.
This whole thing is strange. The only PR nightmare that would ensue from this is if Georgetown had fired Thompson III, Waters asks for his release, but his request is denied by GTown. The request for release always comes after the public announcement of a coaching change.