This would be an unmitigated disaster especially for G5 Programs. This would create pseudo free agency and make roster management impossible for coaches. The unintended consequences could be severe. Say you're UF and your quarterback situation currently blows. No problem lets recruit USF's QB. The potential for a talent drain on The G5 is real IMO. I'm all for loosening up restrictions on transfers, but only if they are designed with the best interests of the players in mind.
As an alum of a program that experienced a period of unregulated transfer, I can tell you that it is a nightmare for both players and coaches. I understand that this possible change in the rules does not equate to what we experienced, but it opens the door for it to eventually go there. Imagine your coaches having to re-recruit their entire roster every year. How do you recruit for need when you have no idea who might be on your roster year to year? Imagine as a player having coaches from all over the country hanging out on campus trying to recruit you. Recruiters in the lobby of your apartment building, outside your classes, even in the parking lot of your football facility. Imagine your families, HS Coaches, girlfriends, pastors whomever getting hundreds of phone calls from coaches all over the country trying to recruit you. This happened and it benefited no one but the coaches shopping for a LB, WR, RB etc. The overwhelming majority of players felt harassed by having to fend off would be suitors at every turn. Hopefully common sense will prevail and this idea goes nowhere.