I'm all for allowing a one time transfer. Imo, there are already a lot of real life deterrents in place. It is not easy on kids to switch teams - learning a new culture, new city, new curriculum, etc. If a kid is dead set on making a change, it will be a challenge for them without the NCAA or B1G adding additional penalty. Those same kids also face a huge risk of it not working out at all.
From Bleacher Report-
"Currently there are 756 student-athletes in the transfer portal from FBS teams that are still active, as in haven't been able to transfer to another school. Those 756 entered the portal between 10/15/2018 (the first date of the portal) to 07/31/2019. There are 857 active players in the portal from 08/01/2019 through 01/30/2020.
That is 1,613 transfers from FBS schools that still have not found a home. 1,008 student-athletes have transferred, not all to other FBS schools.
For football, in the first year (10/15/2018 - 07/31/2019) there 1,720 student-athletes, 756 currently active (have not transferred), 821 that have matriculated (transferred), and 143 that withdrew from the portal. Right now (08/01/2019 - 01/30/2020), there are 1,086 in the transfer portal, 856 remain active, 189 that have matriculated, and 41 that have withdrawn."
That means that more than 57% of D1 football student-athletes who enter the portal are unable to transfer to another football program, essentially ending their collegiate football and academic career. "
If a kid is unhappy enough to take this risk, I see no reason why additional penalties are needed.