...I'm no expert on this, but I've read a little about the rule change, and I keep trying to interject on threads that relate to this indirectly...
As I understand the change, a player in ANY class who participates in no more than four games by the end of the season can count that year as a redshirt. This rule change does not just apply to freshmen.
No other elements of redshirting and eligibility have changed. If you transfer, you still have to sit out a year if you're an undergrad. You also still have to complete your four years of eligibility in five calendar years. And you only get to play immediately at the second school if you have graduated and still had eligibility remaining at the former school.
The previous paragraph is why it doesn't/didn't matter whether Jordan Travis played in any of the final four games for U of L. The only way the four-games-or-less rule change would have mattered to him is if he had remained at U of L. By transferring, the rule change has no effect on him. And by announcing it now, he blew off (lost) four games in any of which he could have played. ...Which sort of tells me there's more to this story than we know about.
If I'm misunderstanding the rule change--and what didn't change--I'd appreciate someone correcting me...