From the School's perspective, you can't really blame them from trying to acquire better players. That is their mission. I think any Player / Parent being confronted with a situation like this who was told: " We made a commitment to you & will honor that, but, you need to understand that our class has greatly improved & your competitive situation for playing time has greatly diminished as a result. You will still get an opportunity to show your skills & compete, but you may want to consider another option."
This is just the reality of top level D1 athletics but to completely back out at the 11th hr is simply unfair & indicates a Program lacking moral leadership.