Athletes in sports other than baseball, basketball, football, and hockey have been allowed to transfer without sitting out a year and chaos does not reign in those sports.
The scholarship limits of 25/year and 85 total will regulate the migration. There are far more in the transfer portal now, than there are available scholarships. Once the novelty wears off, the transfer frenzy will abate.
This latest move by the NCAA does, however, makes it more difficult for HS recruits as schools now leave several scholarships open for transfers. Last month, Whitt said that Utah has two recruiting teams - one for HS recruits and one for the portal. Its the new normal that coaches will have to deal with.