I think if they received their undergraduate degree already, then it makes sense to drop down to FCS as a grad transfer if they still are itching to play QB. Chris Streveler did and got noticed by the CFL. Chris was a different story. Didn't he transfer with two years of eligibility remaining?
However, is it true that once you declare to enter the Transfer Portal the U is not obligated to honor your scholarship? The U opted to continue Phillip Howard's when he changed his mind.
So, I'd say choose wisely. Just like the Holy Grail scene in Indiana Jones and the Last Crusade. RIP Sean Connery!