I might feel more sorry for Mallett if he had redshirted this year and now was faced with sitting out another year, but he didn't. He is also not an upper classman who is going to lose one of his last year's of eligibility. He can now go to Arky, redshirt to learn the system (just like almost every other pocket passer has to do when they get to college), and then have 3 years remaining to win the job and win 3 consecutive Heisman Trophys cause he is so spectacular.
In the end, he will still get to enjoy 4 full years of playing time and a 5th redshirt year, just like everybody else. He will have lost or sacrificed absolutely nothing.
The NCAA should save making such exceptions for truly needy and deserving situations. I don't blame them for asking, but let's just all hope the NCAA is smarter than this.