Listen, I hear this story a lot. A friend of a friend, or even from person who left, makes a big deal about having been kicked out of BYU for "being true to themselves" even at the cost of their degree and investment in their education.
First, I'm sure this has actually happened once or twice in the last decade. Second, I agree that the current rule should be modified to remove some hypocrisy. But by and large, if you believe that these people are 1 semester away from graduation then you haven't spent much time at the Belmont. Literally every provo all star, or super senior, or guy trying his 5th major is "1 semester away from graduation." It's just something you say to save face, when encountering the fact that you've done very poor planning.
I'm certain everyone anyone leaving the school based on religious convictions (or lack there of) is no where near graduation. This is a conscience decision to get out of a possibly poor academic situation and slander the church in at the same time.