I suspect helps us with a lot of potential outbound transfers. By the time guys have been here long enough that they're feeling passed up on the depth chart, they're two or three years in and close enough to their degree that it's often worth sticking another season. Especially if the culture of the program is generally good (which it seems to be) and they can be part of a winning team even if they're not playing as much as they'd hope.
Graduate and then go elsewhere and start, degree in hand, for your last year or two of eligibility.
The bigger risk, as discussed, is big spenders coming after younger starters who are likely NFL-bound (Morrison, say, or Price/Love) and may not be as worried about the degree. Which is why our NIL game needs to be strong enough that we can credibly play defense in those cases.