I don't think Falzon transferring indicates much.
He's finished his four years at NU/Evanston and wants another experience/opportunity.
Iffy if he was going to start/get big minutes. I personally loved his game but don't know the extent of his health issues.
My son loves his school out in Colorado and he's received a good education, but there's now way he'd go there for grad school.
Last thought is that perhaps the reason we care about a senior moving on is because the talent has improved under Collins and we don't want to lose talent. I think the last similar concern was Drew whose family lives in the area.
I've been thinking about who might have pushed for this transfer more, Collins or Falzon. There's still no clear answer or argument for one side despite the length of this thread. But your last thought seems salient from Collins' perspective. Any minutes for Falzon next year would come from minutes otherwise given to Nance, Robbie Beran, or Jared Jones, who are all more important to the program's future. Losing any of those guys would spark a much bigger crisis.