I don't think that is true at all.
Some schools are done, others are not. Some schools got who they wanted, others did not and are still looking.
You can download (if you subscribe) commitment information from PGCrosschecker. I was personally able to do this (I'm a paying customer!) and copy the data into a spreadsheet program that let me then sort the list by college. You'd be surprised how many teams had 0-2 commitments listed. Last I checked, as one example, James Madison had only one commitment. I hear tell they have an offer out to one other player at least, but he hasn't made up his mind yet. Even with him, I have to believe they intend to bring in more than 2 players out of this year's class.
W&M's situation is further complicated by the fact that they don't have the full 11.7 funded in the first place, thus not much money to spend. But they may well continue trying to recruit walk-ons. W&M can offer you a roster spot, if you're in-state, for about 16k/year. If you were looking at, say, University of Richmond, you'd need about a 67% deal to get your annual cost down that low. So I wouldn't necessarily rule out W&M just yet, if that's a place that interests you. As a proud alum, I'll say you'd be hard pressed to beat the educational opportunity. The baseball facilities are first rate, the program is pretty strong, and the coaches are earning good reviews.