When a student option enrolls out of their assigned school district and into another, as long as their residence address does not change they are only able to transfer back to their assigned district, correct? If correct, is this a NSAA eligibility rule or an overall transfer rule in regards to option enrollment?
Like others said, you can no longer just return to your district of residence without the 90-day sitout.
Also, in the example you listed above, the transfer would have to take place before May 1st, to get onto the receiving school's May 1st transfer list.
Unless they are an incoming freshman. Incoming freshmen get basically a free choice as to where they are going.
School's can accept/decline options beyond the May 1st date...so a student could option and be accepted at a point that is too late to be able to transfer for eligibility purposes.
Without a move, there's a lot of moving parts to it, in my opinion.