He's still got another year of eligibilty. I think if that were his thinking, then he would've already transferred in the winter window. Most QB battles are not decided until the summer, so it would be unrealistic for him to expect to be named so early. Even if he transferred after spring, there wouldn't be much time to win the job wherever he ended up. Unless he just gets blown out of the competition, his best chance at being a starter this season is to stay put.
If I'm the coach, I don't name any starters until after the spring portal is closed. You can't, in this current climate, because that's just asking to lose people. If they want to leave mid-competition then bye and don't let the door hit you on the way out, because you're not a true competitor.