Brenden Holubowich, who is 23, appeared before the National Parole Board on Thursday.
The board denied his application for full parole but ruled he could be released with evening restrictions.
Holubowich pleaded guilty in February to dangerous driving causing death and dangerous driving causing bodily harm and was sentenced to three years.
His pickup truck collided with a car carrying five members of the Warriors football team from Grande Prairie Composite High School in October 2011.
A fifth player was pulled from the wreckage and survived.
Court heard Holubowich had been drinking and was driving as fast as 151 km/h on the way home to the nearby town of Wembley. The football players had just left a party outside Grande Prairie and pulled off the highway to make a U-turn. Their car was struck as it straddled the centre line.
Walter Borden-Wilkins and Tanner Hildebrand, both 15, and Matthew Deller and Vince Stover, both 16, were killed.
Zach Judd, who was 15 at the time, suffered a severe brain injury and had to learn to walk and talk again.
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