"I still don't understand how ole miss signs 37 (or is it 38?) players in one signing class. I hear the talk about greyshirt this, juco that and I still don't quite get it."
This is how Nutt has used grey-shirts in the past, which may help explain. Grayshirt player-X comes to school and enrolls part time (usually takes 6 hours). He can't take more 12, or the clock starts to run on his eligibility (He's a full time student at that point). Usually the best candidates for this can get some sort of acedemic scholarship or financial aid. After the fall semester, the player is put on football scholarship and begins taking 12 hours, and thus, count on the following year's signing class. The player at that point is just like every other signee (have 5 to play 4), but the great thing is they get an additional spring in with the team.
Most of the greyshirt players are people like 1) Hunter- a guy who suffered a serious injury and will need at least a year before he can produce or 2) Hawkins (last year OL) who just isn't physically ready. He will likely readshirt this year, and next year will be a True Freshmen with two full years in the weight room at OM. Hopefully he is ready by then.
To your point about what makes OM different, its a philosophy issue. Nutt believes in it, and thinks it benefits the program years down the road. Most coaches are more concerned with filling immediate needs, and asking someone to greyshirt obviously doesn't encapsulate that. Whether he's right or not, I have no idea, but that's what he believes.