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Transfer Portal

How exactly does the Transfer Portal work?  I assume that a player gets listed on the portal after it becomes clear that he needs a new place to play.  And, I assume that coaches are looking at the portal and will connect with players who they want to add to their program.  But, what if the player in the portal isn’t getting attention?  What’s his status?  He’s just no longer playing ball until he somehow finds a new school to play with?  Does he still attend school while waiting in the portal?  Or, would that take away from his years of eligibility – if he attends school while hoping to find a new team and there’s nothing being offered to him.

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