That was true in the past. But today, I doubt many of these players who go through 3-4 schools wind up a degree.
How many schools did Emory Jones end up going to after he left UF?
If you look at the numbers only a handful of players transfer more than once.
Graham Mertz got his degree from UF after spending several years at Wisconsin.
Then you have to factor in players that come back to a school to get a degree years later, Fred Taylor and Brandon Spikes are two recent examples of players who left UF without a degree, played in the NFL and came back to finish their degrees.
75-80% or more of college athletes end up with degrees, even if they have to come back years later.
Here’s a chart by conference of college football graduation rates, UF thru 2023 had a 93% graduation rate.
https://gtswarm.com/threads/graduation-rates-by-conference.27801/
Granted all the degrees are mechanical engineering but they are degrees none the less.