Regarding the NCAA requirement for exempting academic aid: As Rick says, any one of the 4 requirements will do, but there is one other important requirement. The academic honor award has to be made "in amounts consistent with the pattern of all such awards made by the institution." So an academic award made to a player who meets one or more of the 4 criteria is not automatically exempt. As an example, a student who score 1250 on the SATs presumably would not be a recipient of academic aid at Duke, and a player with a 1250 score wouldn't be able to get an exempt academic award at Duke. The same player might well be able to get exempt aid at some other college which has lower academic standards.
A second point regarding combining athletic and academic awards to reach 25%. The rule requires 25% in countable aid. If the player receives an academic award which is exempt from the 11.7 equivalencies, it isn't countable aid, and can't be included in the 25%. At least, that's what the rule says. Of course, colleges may award academic aid that isn't exempt, but it will be included in the 11.7 and will make up part of the 25%.