The once strict, now way relaxed, transfer rules were never put in place to be mean to the players. It was to prevent a never ending recruiting cycle, where even after a player signed with a school, there was still the effort to get him to come to another school.
But now it's like free agency - players can swap teams as they see fit, based on how the season plays out for playing time and other aspects.
So be it. All school are subject to it, and if anything, it balances good players around, as it's hard to keep multiple good players on the bench at one school, since they now can split and go elsewhere.
It's the endorsement aspect which I think will have a much biggest impact on college football. It's more or less allowing the same things that the NCAA spent the last 40 years trying to crack down on - well paying jobs with no real duties, cash payments to players, and an advantage to biggest, higher interest schools compared to mid-range teams.
Look over the list of the things that LSU is accused of doing. Which ones if any would be not allowed once endorsements are allowed?