With my Billy_Graham ID at Seattle in D2 I had a lot of D1 players considering me, so I narrowed it down to 5. I had offered scholarships to several others. At that point, I had unlocked everything. After I dropped the scholarship, everything went all the way back to 0% unlocked, but it still says moderate interest on the page that lists all of the recruits that I had an interest in. However, on the player profile card, it does not list us at all.
I think that the player should still have an interest in us, although I know there is some negative effect from dropping a scholarship offer. But everything went completely to 0%. Gamble in particular had 3 Home Visits, but everything is back to 0% unlocked.