19 year old asking What are degenerated discs at L4-S1 & L5-S1? and what is treatment and recovery time?

I am a 19 yr-old female who plays basketball at the division 1 level.  In my past I have had 2 knee surgeries already and now I have just received my results from an MRI on my back, lower lumbar to be exact.  My results came back and i have 3 "well-hydrated dics" at T12-L1, L1-2, L2-3, and L3-4. I am not sure what this means. I also have 2 "degenerated discs" at L4-5, and L5-S1.
verbatim my report says:
At T12-L1, there is a well-hysdrated disc. Thee is no canal or foraminal.
At L1-2, there is a well-hysdrated disc. There is no canal or foraminal narrowing.
At L2-3, there is a well-hysdrated disc. No significant canal or foraminal narrowing.
At L3-4, there is a well-hysdrated disc, There is a bilateral facet spurring. There is mild central canal narrowing.
At L4-5 there is a degenerated disc. There is bilateral facet and ligamentum flavum hypertrophy.  There is a shallow posterior disc prtrusion at this lever 4mm which compresses the L5 nerve roots in anterior canal. There is moderate central canal narrowing. Moderate left foraminal narrowing, encroaching upon the exiting nerve root. Moderate right foraminal narrowing.
At L5-S1 there is a degenerated disc. There is a large posterior disc extrusion at this level measuring 11mm x 9mm (AP and craniocaudad dimensions) It severely compresses the S1 nerve roots in anterior canal. Moderate right foraminal narrowing, and moderate left foraminal narrowing also seen.

I am at jeopardy of losing my scholarship because of past injury I have only been able to play in two games and I don't want this to jeopardize my scholarship. I do not know how severe these are nor what they mean for that matter. In the meantime what do I do for treatment and about how long will it take to recover until I can play again?