I have followed US college sports for years, but I am new to your board (which I like very much). It seems to me that this greyshirting issue is one that truly will attract attention in rare cases. So long as D3 athletes have scholastic and accompanying financial pressures to graduate on schedule, the greyshirt will be a lesser factor.

Here in Ontario, Canada, we have a 5 year eligibility rule. We also have a medical redshirt rule. With no full ride type scholarships available, the dynamics of university education are similar to D3, except that I believe that  our schools typically receive  more government money than most US institutions, making our tuition costs markedly lower than in the US. (I recognize that many D3 schools are private institutions; in Ontario there is no such thing as a truly private university) This year full student cost at a typical Ontario school for 4 year undergrad program, including room and board is around 12-13 USD per year; this figure might vary from province to province, and foreign students pay a good deal more, I believe.

However, even here where a university education is significantly less costly than in the US, there is not a mass rush of 5th year eligible athletes to compete - the 5th years are themselves a mix of students finishing their 4 year degree, students taking additional courses after a 4 year degree or those taking a program such as teachers college. While most basketball rosters may have a 5th year player or two,(at least on the women's side, which I have followed), they are the exception and not the rule; it is simply too important for these athletes to get their educations completed and their further careers advanced to prolong their university career with out compensation.