IMO there was too much arbitrariness in who got the redshirts, and the time it took for schools to get answers. I like think the 5/5 with no exceptions is an improvement. I'd rather see 4/4, no exceptions.
I'm okay with the first transfer is free, and a 1 year sit out for additional transfers. This effectively limits players to 2 transfers max -- they run out of eligibility.
If the laws change so that schools can sign/enforce multi-year contracts, I think a lot of this gets easier. e.g. We will pay you 1M (frosh), 2M, 2M, 3M 4M (super senior). There are kickers each year for being named 1st (1M) / 2nd team (500k) all conference, and 1st (2M) /2nd team (1M) All American. There are additional kickers for making the E8, FF, etc. Adjust the numbers to taste.