Yes, it's not only very possible, it's almost no doubt he'll be fine.
It's getting to the point where injuries aren't the end all they used to be. 10yrs ago, an ACL injury would be career threatening. Now you're back playing close to 100% in 6mons, depending on resources for rehab.
There's a player at BSU right now that tore the same knee up twice in less than a year and he's played this entire season looking pretty good.
It's a serious injury as far as pain and it's gruesome to see, but he should be fine phsyically. It's at the point now where your only in real danager if you tear something more than 3 or 4 times. It's only that way because of the lack of things to replace the damaged ligaments with, as opposed to the actual injury it's self.
EDIT: Now it's came out that he tore his ACL PCL and MCL, so it adds more to it. He *should* make a full recovery, but it will take a lot longer than if it was just a tear of one of the ligaments. Like I said later in this thread, Willis McGahee tore all four ligaments and he's operating pretty well right now, so we'll see.