Sure it will. College basketball has always been made up of transient rosters that change every year. All that the current rules have done is accelerate what had always been happening.
And even if the game won't look exactly the same, so what? Why is it that you want the game to cater to the millionaires and the schools instead of the players? The coaches aren't the game, as much as ESPN and some others might want you to think so. The schools certainly aren't the game. The players are the game. If they can do something that benefits the players who play the game that makes the millionaire's job slightly more difficult, so what?
But hey, maybe this would be a good compromise. Instead of the coaches getting all the money and the players having the freedom to transfer, let's make the transfer rules go back to exactly the way that they were before, and in exchange we can take all the money that the coaches and administrators make and pay it to the players instead. Have coaches like Izzo make, say, $100K per year. But they can have the old roster rules.
Do you think Izzo or any of the other coaches go for that? Of course not, because at the end of the day what they want is their money.