I've found a few NCAA rules browsing other message boards that supposedly allow USC Juniors and Seniors to transfer without sitting out a year.
As far as free transfers, every USC SR and JR can transfer and be eligible now. Bowl ban takes up the rest of their eligibility.
Bylaw 188.8.131.52.3: No release needed to contact SAs if school is has postseason ban for the rest of their eligibility
Bylaw 14.8.2: The COI can recommend a waiver to allow SAs to transfer and play immediately if ban is for the rest of their eligibility
After Committee on Academic Approval OKs schools, USC SRs and JRs will be able to be recruited by others.
Schools would have to show they have open spots ETC
COI can't overrule Pac-10 intra-conference no transfer rule. And no provision in Pac-10 rules for a waiver in this case.
Freshmen who signed NLOI will have to stay at USC unless some waiver would be given across the board, not likely..
A. I'm not sure how correct this is.
B. Are there any Jr or Sr on USC that were high on Michigan when they were recruited?