Yes, FAU is looking to bring in one more player. It could be a junior college player, but I wouldn't be surprised if it was a one of those fifth-year transfer guys who already has his undergraduate degree and is looking to transfer to a school that offers a graduate degree that his current school doesn't. If that's the case he doesn't have to sit out a year.
The Owls are looking for someone who can help right away and a JUCO guy does fit that requirement, but they haven't had much luck with JUCOs in the past.
And keep in mind that all those guys who have left FAU over the past couple seasons have left FAU in a tough spot APR wise. Is it worth the risk to bring in another player who might not graduate? Poor academics are usually the reason basketball playes end up in junior college.