The thing about the transfer waiver is that you can skate by with less than a 2.6 no problem and stay eligible. I'm sure you'd find a ton of basketball players in the 2.0 to 2.6 range, doing just enough to make sure they stay on the court, or maybe even doing fine credit-wise, but pulling in mostly B- and C+ grades, which isn't a crime.
So what this creates are scenarios where, for APR purposes, you're better off not letting a guy transfer with below a 2.6 if it might put you into the range where you could lose scholarships or end up ineligible. So the coaching staff and AD could essentially refuse to release someone out of self-interest and hold them hostage, even if they are on pace to graduate with a 2.59.
Which is just wonderful for the student-athlete.