It works both ways, but it's on steroids now. While there was no official portal prior, players did transfer around some.
My issue is that schools that could build something, but aren't in the big pocket or elite status, they're now going to be losing their key parts yearly. While that also happened some, it's again on steroids now.
You're mid tier, good luck ever going up in weight class with the way things are now. If you don't have deep pockets, forget about it entirely.
To stay at or even near the top, it's a spending game. The rich just got richer with this.