I know I have a tendency to over simplify things but to to me if a players hasn't made the "championship roster" (Spring) then he should be able to transfer without sitting out.
To say you have to sit out a year because you tried out for the team and didn't make it is like me telling someone interviewing for a job with my company that he/she can't apply to other companies for a year because I don't have room for them.
Doesn't make a lot of sense to me?