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Can a player transfer every year and play for 4 different schools?

You only get a waiver once.

and if they want to transfer again they have to sit out a year?

and if they want to transfer again they have to sit out a year?

Unless they get their degree. Then they get another move.

I really dont think that will happen very much

Id bet over 50% of top players dont even graduate

The math would be interesting. Obviously, a not-insignificant number of the kids don't really like school, but that's another matter. 

If you're a "top" player, you're probably spending three years on campus. If you were that good, you might come in early, but that's only six semesters. You will get three numbers, but you also probably throttle back credits in the fall. 

If you stick for four seasons, seven or eight semesters, three or four summers, lord you should have a degree. Granted, if you transfer, you might lose a mess of credits. 

I really dont think that will happen very much

Id bet over 50% of top players dont even graduate

Well what qualifies as top players?   A lot of the guys who are going to use the fifth year grad transfer don't have NFL plans when they do so. It's either to get one last year somewhere where they can play, or to transfer to a better situation to showcase themselves to NFL teams.   So no, I would expect most top players to not even take advantage of that rule anyway.   A lot of NFL guys take that semester off to train, for what they hope to be their profession, and then a decent  number of them eventually come back and finish. Every year. Year Michigan State tweets out a couple of guys who finish their playing careers in the past few years, who have now finished their degrees

Michigan LB Anthony Solomon and CB Darion Green-Warren enter the transfer portal. 

Wasn't he down to Michigan and Nebraska originally?

he was a one-time USC commit I believe. He's from California, and he went to Mater Dei- a USC feeder school- until his SR year of high school when he transferred. I think USC processed him, and then he was down to Michigan and Nebraska. He started out very highly rated, top 50ish, and then continued to tumble in the ratings. He wound up as a top 200ish in the 247Composite.

I am not that surprised that Solomon transferred, he was passed up by true frosh Junior Colson and rs frosh Nikai Hill-Green for playing time. Dorian Green Warren is a bit of a surprise. He was only a rs frosh and Dax Hill is likely going pro, and there are rumors that Vincent Gray will be not be back, so a starting CB spot and a nickel spot will be open.

Wouldn't be shocked if CB Andre Seldon is the next to hit the transfer portal. He'll never play at Michigan, MacDonald and Clinkscale want CB's around 6-ft and up. Seldon is 5'8 on a good day.