For reasons others have laid out, redshirting by choice is going to all but disappear in basketball. Yes, you will still find some exceptions, but they will be outliers.
First off, if you're not a P6 coach you should be fired immediately if you redshirt any player. Those mid and low major schools are just feeder programs for the power schools. Any player good enough to redshirt will be long gone by the time you try to cash in the final year.
Second, even at a P6 you're counting on a player being in your program for five years. That's a pipe dream. Willis left with a year of eligibility remaining. Carr will almost certainly leave after next season with a year of eligibility remaining. (I know Willis and Carr sat out because of transfer rules, but the principle still applies) Oturu left early. Coffey left early. What if we'd redshirted Oturu and only gotten one year out of him?
Third, it's reasonable to assume that many players who go the distance on the roster are those who we're ready to move on from. Did we want to redshirt Bakary Konate and get a fifth year out him? A fifth year out of Gaston Diedhiou? Michael Hurt? Should we be looking to redshirt Greenlee or Omersa or Freeman so they can all be here for extra years? I'd rather have those scholarships available.