Free agency will be good for about 10-20% of the players, and really bad for the rest of them. It will be a lot easier for a coach to pull scholarships for players that he thinks are underperforming, if he can just grab an experienced transfer that will be eligible the next season. Every player will be looking over his shoulder the whole season. Which will quickly turn into no one being committed to anything because they can leave whenever they want. Players don't just commit to a school and a coach, they commit to their teammates. But that will be impossible in a free agency system.
Also, there will be intense pressure to cheat in a free agency system. A coach on the hot seat will have to get top talent in free agency, which means he will have to pay up, getting the talent by whatever means necessary. How many Enoch's will there be around the country in that environment?
I am in favor of making transfer rules more player friendly. Remove the "4 in 5" requirement. Make more exceptions for immediate eligibility. For example, I would be in favor of a minutes requirement or a player can change schools immediately. If a school isn't going to play a kid, then that kid should be allowed to leave without penalty.
I am not in favor of open free agency.