Regarding the possibility of Shaeffer transferring, remember Tennessee was the only big-time school to offer him a scholarship as a quarterback. Everybody else told him he would be an "athlete".
Several transfers come to mind. When Peyton Manning and Brandon Stewart signed with UT, senior Jerry Colquitt was the heir apparent to Heath Shuler. But Colquitt suffered a season-ending injury in the first game (1994), and Manning seized his opportunity. Stewart transferred to Texas A&M and battled with Randy McCown for playing time the rest of his career.
In 2000, Joey Mathews played well enough in the spring and preseason to win the starting job, only to lose it after one game. Freshmen Casey Clausen and John Rattay along with sophomore AJ Suggs were battling for the quarterback duties. Clausen won the job... After sitting out the 2000 season, Rattay moved on to Arizona for the 2001 season where he was a backup and passed for only 385 yards, transferred to Pasadena City College (JUCO) for the 2002 season, and tried to walk-on at Arizona in 2003. He is not on the Wildcats roster for 2004. AJ Suggs was a little more successful, sitting out 2001... then in 2002, he started every game for Ga Tech and completed 57.3 percent of his passes (208-363) for 2,242 yards with 12 touchdown passes and 15 interceptions... however, in 2003 he was relegated to backup and only played in Tech's last 2 games, passing for 180 yds.