Bail is recovering from left knee surgery and hasn't been cleared to return to practice. He had surgery to repair torn cartilage on June 28 and was originally projected to miss four months.
New Bruins coach Steve Alford says he's grateful that Bail's waiver was granted.
The 6-foot-9 forward from Houston averaged 18.5 points and 12.0 rebounds as a high school senior. He graduated in 2012.
UCLA opens the season on Nov. 8 at home against Drexel.