The Gators receiver was suspended in January for a violation of the school's code of conduct, but was cleared after a Title IX hearing earlier this month.
Callaway was accused of sexual assault, but his accuser refused to attend the hearing after it was revealed that a football booster would oversee the case. Callaway did not face criminal charges.
The Gators will now get their leading receiver back for 2016, and a nice target for Luke Del Rio to utilize. Callaway posted 678 yards and four touchdowns in 2015.