I think this year will be the toughest. Year one, they could still get by with the players they had that didn't transfer. They didn't lose a scholarship as long as the player stayed.
Year two, guys graduated, and because of the scholarship limit, they can't replace many of them. And they can still lose immediate-eligible transfers, whom they can't replace (they just had a QB transfer).
Basically, anyone who was on the 2012 team, or recruited for 2012, can transfer without sitting a year, at anytime during their PSU career. (I initially thought it was only for the past year). Brutal penalty in tandem with scholarship limits.
Year three, they can start to tell guys that, hey, if you walk-on for three years, maybe redshirt one, you've got a scholly waiting for you.
EDIT: by my count, they graduated 24 seniors after 2012, and had 10 guys transfer last year. They can replace those 34 players with 15 freshmen this season.
Edit 2: they also had five guys decommit last year