Because he will graduate in May, he would not have to sit out next year regardless of where he transfers, but he'll probably go pro. I believe most of the draft "experts" have him going no later than the 3rd round.
I just checked and currently Jones is ranked the 6th best QB in the draft right behind NDSU QB Carson Wentz
RANK PLAYER POS. POS. RANK SCHOOL CLASS HT. WT. PROJ. ROUND
4 Paxton Lynch QB 1 Memphis rJr 6-6 230 1
10 Jared Goff QB 2 California Jr 6-4 210 1
15 Connor Cook QB 3 Michigan State rSr 6-4 220 1
49 Christian Hackenberg QB 4 Penn State Jr 6-4 236 2
59 Carson WentzInjured QB 5 North Dakota State Sr 6-5 231 2
81 Cardale Jones QB 6 Ohio State rJr 6-5 250 2-3
92 Dak Prescott QB 7 Mississippi State rSr 6-2 230 3