Keller was a joke in college that did nothing but cause problems. That has nothing to do with this, just wanted to say it.
This will be interesting, but I just cant see this going very far. I would expect this to fully play out as a settlement would seem to just encourage this to happen again in the future.
As for a player being ruled retroactively ineligible, I dont believe there is any rule prohibiting a player from receiving benefits from college after they have used up their eligibility. That would be impossible to enforce.