Firstly, degenerated discs do not regain their jelly like status. In your terms the situation can become better "yes", cured "no". In my terms I would say your condition can be managed.
But, to give you that assurance it is not just the MRI
report that matters as a human being is not a report. Your clinical symptoms & signs make a lot of difference in the treatment & recovery.
And yes you will be able to play sports of your choice, nut you will have to earn that healthy status by taking care of your spine for the rest of your life.
Also, I would advise to undergo a good spinal physical tharapy & rehabilitation protocol
for strengthening your spine & making you pain free after a detailed examination.
You definately need to have precautions as to : (just a brief outline)
1. Keeping your spinal alignment straight maximum times
2. Using a back support while sitting on a chair.
3. Avoid lifting heavy weights.
4. Avoid the use of any type of jerky mode of transport.
5. Do not maintain one position for long (frequently change positions) to keep load off the spine.
Further precautions can be advised after you are examined.
Hoping a fast recovery for you.
Orthopaedic & Neurological
Lifestyle Medicine counsellor