I believe under IUs Athlete Bill of Rights, Crean can't pull the scholly from Troy unless he has earned his undergraduate degree. Basically it states that any recruited athlete who attends IU on an athletic scholarship keeps the scholarship for 4 years and cannot have that scholarship revoked by the coaching staff without cause. As long as Troy is meeting the team and schools academic standards/rules, and is working toward his undergraduate degree, he keeps his scholarship.
I don't know if that also covers graduate degrees though I think people have posted Troy did not graduate.