I don't like the idea of Free Agency either.
A team like Kentucky can just wait to see who they lose in the draft, and then poach an experienced, great player at a position of need at the last minute.
I do favor a free exit if a head coach leaves.
I was thinking of a compromise, between nothing to a full year sit-out, like maybe a kid has to forfeit a half season, but that doesn't seem like enough of a deterrent. If i'm a standout at South by Southwest Cactus Tech and can join Kentucky for all the league games and tournament, just missing the exhibitions and tune-up games, sure, why not, if i can improve my brand so drastically in just a few months.
I don't like the idea of having different restrictions based on how good a player is (determining it by minutes played). Being great shouldn't be used against you, even if the intent is to make the option available if you're not getting the time you think you deserve, or were promised.
All in all, i think the one year thing is where it should be, except when the staff changes. I don't think there should be a greater penalty or a more restrictive rule for intra-league transfers. Or a way to block transfer to a given team, although i'm not sure what to do about policing the tampering that will inevitably be a (continuing?) problem. There can't be any provision for one team's staff to contact or induce a kid to leave his current team. But, there's always going to be 'back-channeling.'