My idea is that schools have to guarantee a 2 year scholarship for players out of high school. After two years, player can transfer anywhere without sitting out. At the same time, school can decide not to renew scholarship. If they stay with team, school has to honor scholarship for remainder of career. Player can transfer at any time but if it isn't after second year, they must sit out as it is now.
In my opinion, this would give the players more power, but wouldn't be a free for all it players never had to sit out for transferring.