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Less than 50% completion rate, 123 yards passing a game, was what Jennings produced last year. The QB position was a huge liability, so a change there probably wouldn't have much effect on LSU's prospects this year.
At any rate, reportedly they were there to recover stolen property of the QB, and did so. Clearly a dumb thing to do, and they face repercussions for it, but if in fact that's how it went down, the three players involved probably won't miss much time this fall. By the way the guy who they took the stuff from, has been charged for possession of stolen property (belonging to the QB).
The main result is that Jennings will be in the doghouse, and it will be easier for Harris to try to usurp his starting role. But at most Jennings will miss the first game of the year and that's it. The bigger risk is reserve DB Thomas, who was fantastic as a dime back last year before getting hurt. He took three boxes of shoes from the room, which matches what Jennings had reported stolen earlier in the week to police. If they were Jennings' shoes, then it won't be a big deal. If they weren't Jennings', and he took them as quid-pro-quo, then his future is much murkier. That would be a significant loss on the field for LSU if so.