Mark this down as the moment Saban went soft and jumped the shark.
It isn't over yet. I think there's still a good chance the SEC denies the waiver, because this no-transfer-within-the-SEC thing is a conference rule, not an Alabama rule (though Saban et al seem happy to enforce it).
Here's the SEC's statement RE: Smith and the rule, and it sounds like they're setting the table for a "still, nah man" decision:
"The SEC does not provide waivers of SEC rules absent circumstances that demonstrate a clear reason for granting an exception to those rules," the league statement said. "Each waiver request is reviewed on a case-by-case basis."
I think ol' Saban may have signed the waiver, expecting the SEC to hold hard and fast to the rule since there are no mitigating circumstances in Smith's favor (sick parents, some exclusive graduate program, etc.). Then, Saban still gets what he wants but let's the SEC fall on the sword.
We shall see soon.