Interesting topic, I'll chime in.
If a player is truly a "student" they should be able to transfer to any school they academically qualify for without restrictions or penalties, just like any other student. Let's be honest here, we're talking about the blue chip studs and all the money generated by college football.
Make football like baseball, hockey, and basketball (minus the stupid one and done rule) - create a NFL D league or farm league. Tighten down on college programs playing players and return college football to the student athlete. If all a kid wants to do is play football, let him go play football and earn his way to the NFL that way.
Many kids go to the MLB straight from HS or go into the minors, but college baseball is still entertaining and most of those players stay and graduate. Granted, I know that a HS senior football player is in no way ready to play against 22-35 year old professionals, but after a few years in a minor league football program he could get called up to play in the NFL. I think it would also filter out many of the busts in the NFL. Each NFL team can have one minor league team in a small market city.