There are 10 scholarships available for 2016-17. Scholarships are still awarded on a year-to-year basis.
Not saying this is how it will go down, but if no other scholarship frees up, then maybe you tell Chino that he needs to consider other options. I don't really have a problem with this. He will have gotten three years of his education paid for by SU with the expectation that he come in and perform on the court. If he hasn't raised his level of play before this senior year to the point where the staff sees him as a clear asset to the program coming into his senior year, why should you feel an obligation to give him another year of scholarship at the expense of someone else that can help the team? Projects that are freshman or sophomores are one thing. Seniors that are projects don't add value, except maybe in trying to bolster APR scores.
He could go elsewhere to finish up, or he could give up basketball and do what every other kid does... become a regular student and pay his own way. If he's not going to help the team enough in this senior season to be a lock for a scholarship, then he isn't going to have a pro career, here or over seas. If he isn't going to have a pro career, than his focus should be on getting his degree and he will have had three years of that education paid for by the basketball program. There would also be nothing stopping JB from cutting him loose from the program, but having him put on another form of scholarship so that he has the opportunity to finish his degree. I don't think any player is owed one of the limited scholarship roster spots on the team, they have to earn those.