Russo will leave Temple in the top four of every major passing category in school history: yards (6,287), completions (536), attempts (899) and touchdowns (44).
Already a senior, Russo will make use of the NCAA's COVID-19 waiver for 2020 that grants an extra year of eligibility to all fall sport athletes.
The 6-foot-4 Pennsylvania native started the first three games of this season before being injured and later sent into COVID-19 protocol.
Temple finished the regular season 1-6. The Owls are 9-11 in the past two seasons under coach Rod Carey.
Russo originally committed and played under coach Matt Rhule, who left for Baylor following the 2016 season. Geoff Collins took over as head coach and left for Georgia Tech in December 2018.