Rob Moseley has the photo proof:
I know what you're thinking: wasn't he a senior last basketball season? Let's turn to Will Rubin for his best-guess rules analysis:
At the very least, he's working out with the team for spring practice. If it's kosher with the NCAA rules, maybe this will turn into something more. After all, Loyd won a Nevada state football title in high school as a WR/DB. If nothing else, it'll be a fun story as Loyd potentially tries to join Arik Armstead as a two-sport athlete for Oregon, and become the first basketball player to play WR since Jordan Kent.