With A.D. Bubba Cunningham saying this: "[u]nfortunately, P.J. made a number of mistakes that placed his eligibility at risk, and the university's joint review with the NCAA made it clear that seeking reinstatement for P.J. would not be possible. The university thanks him for his contributions to Carolina basketball." P.J. Hairston's college career is over.
Presumably he will enter the draft this summer and try his luck in the NBA.
It's unfortunate, and you can argue the rules are stupid, but when you agree to abide by them, as all college athletes do, you have to accept the consequences of your actions when you break them. It's a sad day for Hairston and his family, but we hope he does well beyond Carolina.