The bold is pretty much how it works already, minus some of the pressure. (And I agree that the pressure is new, negative piece.) There's a pecking order. A kid commits to Minnesota in June, then gets a late December offer from Florida State. Minnesota loses the kid. But a different kid who committed to Eastern Michigan now gets a Minnesota offer in December. Eastern Michigan loses the kid, then they look around. Currently, the best programs get to wait longer than we do.
Yes, some kids would miss an opportunity to play at a higher level by signing early. But look at how many kids committed to Minnesota (and other schools) during the summer. In theory, Minnesota wanted them, and they wanted Minnesota. Basketball has an early signing period (November), and the same risk applies. There's no rule that a kid must sign early; there are risks to both sides in signing early, and risks in waiting.