How does ED work?

[CU123]

Do not get me wrong here, there are very good reasons to back out of ED. The failsafe clause is very simple—insufficient financial aid. No verification needed. If the aid package is deemed insufficient, you can opt out of ED and that school is off your list.

This is accurate. Frankly this whole thread is a non issue for universities as 98%+ honor the agreement and commit. Really, why else would you apply ED?