That stakeholder is the donors. These athletes are not attending school for free, they are attending because we the donors pay for them to attend. The portal rule doesn't care one lick about the fact that you are funding a student who can then turn around and not provide a benefit for your school.
One of the many reasons I do not like the "no sitting out, transfer anywhere" era of free-agent college sports.
...likely ends with helping the school pay for a single year scholarship, and (IMO) is definitely overshadowed by the player's freedom to pursue their career where they see fit. Just like it is a coach's freedom to move on, and your's as a "stakeholder" to choose what school to support.
With that said, I do think the current free-for-all is fundamentally changing college football and not for the better. My hope is that it somewhat calms down as players begin to realize they can be left out and that the grass isn't always greener. But either way, I don't like the current situation, but I don't think the answer is to remove the freedom from the players (who surely are the key cog in college football).
I think that the rule should state that teams who accept a transfer should lose a scholarship for another player. This will slow things down. For instance, if Clemson agrees to give a scholarship to a transfer running back they should lose a scholarship for a running back on the team. This will never happen
It's important to remember that a football scholarship is only a one year contract. It's has to be renewed each year. Because you are allowed to only have 85 some schools run off kids to make room for a better player. This was a very dark side of college football before the rule was changed. Why not let a kid transfer to a smaller program that might want him. All the power was with the school. Clemson might not does this, but many programs do.
Part of the rule is to allow a kid to transfer, play and stay in school. Yes. Every now and then you LL lose a player you don't want to.
But it's only 4 to 6 a year that leave. I think in the long term everyone coming out ahead.
Remember you can always bring a kid in that may help you. Say a grad transfer QB from Stanford, that want to be a coach and is willing to mentor a young QB room. (Hint)
Maybe he was even on your scout team.(double hint)
.....if the portal stays how it is no doubt about it - college football is changed for the worse forever! To me; you have somewhat of a mix of how it used to be. A Transfer portal player sitting out the first 6 games; would dampen the whole thing a lot i.m.o. Why 6 games? Because half the season is gone - are you willing to wait( player and team accepting transfer ) if so; have at it. If not, stay and compete for more minutes as hundreds of thousands or millions of players have done prior to the portal. A player wanting to transfer that is getting a ton of minutes - but who just wants a change of scenery sorry if they get caught up in the wash. You have to cut out "some of the instant gratification" on grounds of being fair to the school that lost the player! And because; it is a full-blown deterrent to abusing the transfer portal.