A part of me is on both sides of this argument. My conservative engineering mind says that contracts are commitments and should be honored. The parties build plans around contracts and make other commitments with those contracts in mind. Contracts are not islands. Coaches, colleges, and players should be required to fulfill their commitments. And, I am in favor of having all athletic scholarships be for the full costs of attendance for whatever time it takes. Players and coaches turn down other options when they make a commitment to one another. In a word, do what you agree to do and do it as well as you can.
The other side of me says that colleges and coaches seem to be constrained by nothing but the marketplace, yet they want to deny that market to the players. The hypocrisy of the current transfer rule is overshadowed only by the NCAA definition of amateurism. That side of me is arm in arm with Jay Bilas.