There shouldn't be much change right away, no need to yardsail current system and create some new chaos.
Allow OVs to start once completion of Junior semester occurs, allow university to cover expenses for parents/guardians. That change should happen regardless.
I could almost see one August signing day for those who are sure about their commitment, no more OVs allowed in season except if it's back to the committed school. Then keep current format for rest of recruits, a final signing period that starts in February. This would give the coaches enough of an idea of who is locked into the future and pin down who is wavering so they can manage their big board for final signing period push.
If a head coach, only head coach, gets fired or leaves school at anytime prior to final signing period, then the kid may open up recruitment if they signed in August.
My opinion could change if new light is shed if/any change occurs.
I almost agree with Bo's stance, once an offer is made, the kid has the choice to sign or not, but even that scenario seems pretty radical and unforeseen circumstances could emerge.