The NCAA Bylaw 14.8.2 reads, "the Committee on Infractions can recommend a waiver to allow student athletes to transfer and play immediately if the bowl ban is for the rest of their eligibility." And indeed, the NCAA Committee has reportedly granted such a waiver to the USC juniors and seniors, for whom the bowl ban would span the rest of their career. Now, they can transfer to the school of their choosing while avoiding the NCAA's designated one-year on the sideline for transfers.
In other words, aside from losing countless scholarships, bowl opportunities, recruiting leverage, and all sorts of revenue, the USC Trojans could have many of their best players poached by rivals in the ensuing months. They don't call it a "death penalty" for no reason.
Some of the more prominent Trojans that are now free to elsewhere include WR Ronald Johnson, RB Marc Tyler, LB Chris Galippo, and countless others with a 5-star pedigree and a free pass to head to the program of their choice. One guy that won't be leaving? QB Matt Barkley, a starter as a true freshman last year, and widely looked upon as the next great quarterback at Southern Cal. Now, you have to wonder...
Will Matt Barkley have any teammates to throw to?