According to Schefter on ESPN right now. He says he won't be eiligible to practice with the team that picks him until after the 5th game of the season due to his attempts to "circumvent" the draft.
I know, I know - link or it didn't happen - but there is no link on ESPN yet, Schefter just broke the news on live TV.
Quote from Schefter on ESPN live:
League said he undermined the rules of the supplemental draft and therefore he will not be allowed to practice or play with his new team until after the fifth game of the season
Quote from ESPN article:
"... Pryor made decisions that undermine the integrity of the eligibility rules for the NFL Draft. Those actions included failing to cooperate with the NCAA and hiring an agent in violation of NCAA rules, which resulted in Ohio State declaring him ineligible to continue playing college football.
"Pryor then applied to enter the NFL after the regular draft. Pryor had accepted at the end of the 2010 college football season a suspension for the first five games of the 2011 season for violating NCAA rules. Pryor will be ineligible to practice prior to or play in the first five games of the NFL regular season after he signs."
Five other players are eligible to be drafted Monday: former Georgia running back Caleb King, former Northern Illinois safety Tracy Wilson, former Western Carolina cornerback Torez Jones, former Lindenwood University defensive end Keenan Mace, and former North Carolina defensive end Michael McAdoo.
EDIT #2: ESPN now reporting that he can play in preseason games:
The NFL said that Pryor can play in preseason games after he is drafted and signs but he is not eligible to practice with his new team or play in a game until Week 6 of the season. Pryor will be allowed at his new team's training facility for meetings and to work with coaches during the time he is ineligible, however.
And also verifies that Rosenhaus is an ass:
Rosenhaus also said that NFL Players Association executive director DeMaurice Smith and commissioner Roger Goodell worked together for the arrangement that will allow Pryor into the draft with a five-game suspension. "The five games we happily agreed to, voluntarily," Rosenhaus said. "The alternative wasn't very attractive. We're grateful for the chance."