"Depending on his priorities and what he wants" is honestly doing a lot of work in that sentence. I don't really know what he wants, but some of the things I can see him prioritizing are: continuing his rehab with familiar staff, enjoying himself on a very successful team, and playing under a legendary coach.
I don't have inside knowledge but I'm assuming he's doing a lot of his rehab stuff in NY and with STJ staff. Transferring would disrupt that. I also think for as many transfers that end up working well for the player, many don't as well. It would be his third year under Pitino so he'd know exactly what to expect, the system, and most of the players around him. He fits a need for the team (shooting -- albeit uneven and unproven), and showed high IQ on the court. He seems to be genuinely really enjoying himself on the team and is stepping into a glue role. By redshirting this year, he's still got plenty of time to play serious minutes in college. He's said before that he understands older players in college (because of COVID eligibility) is making it harder for guys his age to play. He may think -- I have to compete for minutes on preseason top 15 team, but its a familiar environment, my buddies are here, Pitino's incredible, and it's been a helluva ride. Worst case, I go somewhere else after next year and have two years.
His dad is a coach, and maybe he wants to be one someday as well. Rick is a once in a lifetime opportunity, and it seems like the family's all very happy with him.