Probably so. They can just take it away. No one gives a shit about the transfers, other than coaches of course. But the administrators don't. All they care about is the money. So if they try to take away the money, and reduce/crush the opportunity for players to get paid by figuring out some way to re-illegalize players making money and making it stick, AND undo the transfer rule as well..... that's a very bad look.
Doesn't mean they won't try it, but it's a risky move. And completely philosophically/morally/ethically indefensible. Other than simply declaring that the NCAA is in charge, it's their way of the highway, and in flatly Orwellian, platitudinous style, insisting that rolling back these new freedoms before the ink has really even dried is done merely for the 'good of the sport'. Which is kind of like saying 'or else the terrorists win.... ' It's just corporate cant. Completely devoid of substance, and nothing more than the most banal rhetorical fig leaf, I guess they call that, for reasserting dominant control over the goings-on in CFB, without any concern for the players' interests or preferences.....