It also says the institution can grant the extra/5th year as long as not graduated and pursuing degree(s). subpara d.
From the policy, I can find no option where the PL will allow a graduate transfer (who has finished his degree) with redshirt eligibility. They would have to gut this entire policy. Am I wrong?
My summary:
From the language below, you have 4 years to finish, unless you are injured or suffer a hardship, in which case you can finish with a graduate degree from the institution
from which you graduated with your college degree. (Scenario #2). You can get be a transfer if your degree requires an additional year of study
toward a baccalaureate degree (Scenario #3).
Actual Language:
d. All students participating in intercollegiate athletics must be enrolled full-time and must be making normal academic progress in an academic program leading to a first baccalaureate degree. Full-time status is based on the student-athletes’ level of academic work (undergraduate or graduate) and the definition of full-time enrollment for that academic level at the applicable institution.
e. Normal Years of Eligibility. [Council, December 2010]
A student-athlete shall complete their seasons of participation within four calendar years from the beginning of the semester or quarter in which the student-athlete first registered for a minimum full-time program of studies in a collegiate institution.
“Athletic redshirting” (holding a student out of competition as an underclassman for the express purpose of saving a year of NCAA eligibility for a fifth year of enrollment) is prohibited. Patriot League eligibility policies apply to all League and non League competition.
For purposes of starting the count of time under the four-year rule, a student-athlete shall be considered registered at a collegiate institution (domestic or foreign) when the student-athlete initially registers in a regular term (semester or quarter) of an academic year for a minimum full-time program of studies, as determined by the institution, and attends the student's first day of classes for that term.
f. Waivers....
A. Scenario #1: waiver may be granted by an institution due to medical reasons.
B. Scenario #2: a waiver may be granted by an institution due to circumstances beyond control.
1. Undergraduate. An extension of undergraduate Patriot League eligibility may be granted by the institution’s Policy Committee representative to a student who does not use a season of competition as a result of a serious injury and/or illness OR has previously been granted a NCAA Hardship Waiver by the League office (NCAABylaw 12.8.4).
2. Post-Baccalaureate....
the institution’s Policy Committee representative may grant an exception to enable a student to compete as a graduate student in their first year after earning the first baccalaureate degree. In order for such an exception to be granted, the student must meet
ALL of the following criteria:
a. Have NCAA eligibility remaining due to medical reasons,
1. A life-threatening or incapacitating injury or illness suffered by a memberof the student-athlete’s immediate family OR
2 Extreme financial difficulties experienced by an individual upon who thestudent-athlete is legally dependent OR
3. Natural disasters
AND
b. Choose to pursue a graduate degree at the League institution from which they graduated;
AND
c. Present sound academic rationale or documentation related to enrollment in a post-baccalaureate degree program.
C. Scenario #3: a waiver may be granted due to transfer. The institution’s Policy Committee representative may grant an exception to transfer students whose academic programs require a ninth semester/fifth year from the date of their first college matriculation (see “Normal Years of Eligibility” above) toward a baccalaureate degree for athletic competition in the ninth semester/fifth year of undergraduate work.
... Plus there are others... 
