Sell if that's the way it'd be set up. I'd be all for an early signing period, say, a 2 week period mid-season that they could sign and eliminate the pressure on them coming down to the wire on NSD. If you did in fact sign in the early period, you are bound to that school unless there are coaching changes or NCAA investigations, in which you could nullify your binding contract. Much like when the NCAA granted transfer waiver for Penn State players.
If recruit opted to continue the recruiting process, it'd be the same as it is right now, except I think schools/recruits would be much more decisive b/c of limited spots.
If a recruit signed during the early period, but reopened their recruitment w/o a waiver, they'd lose a year of eligibility or something.