Update: The NCAA clears Jones to play; Jones issues an apology and says the party has been canceled.

Tar Heels wide receiver Dwight Jones has been declared ineligible for the Independence Bowl versus Missouri after it has been determined that he allowed his likeness to be used on a flier promoting his phat New Year’s Eve birthday party in Burlington.

However, UNC has applied to the NCAA for Jones reinstatement for the Dec. 26 bowl game.

What jumps out at me about this whole deal is there seems to be a lot cash floating around. Question is who’s holding it?