I have read other posts on changing the selection of your list of 5 schools, but may have missed this issue: If you are awarded a scholarship but none of your original 5 schools works because 1) you did not get accepted or 2) their units have filled, can you transfer the scholarship to a school NOT on your original list and, if so how difficult is that? (Of course assuming you're accepted to that other school and they have not filled their quota)
This issue gets brought up every year but is hard to search for.
You can transfer your scholarship to any NROTC unit at any time provided the accepting school (determined by he folks in P-cola) has room and the costs are similar. (This is not always the case. They sometimes will let you transfer from a state to a private, it depends on a lot of factors.)
You can also update your list of 5 schools so that schools you are considering see you have been awarded a scholarship.
You can do this by emailing the folks in P-Cola, the address is on the Netfocus page that told you about where your scholarship was awarded.
I disagree with Patriot4Life. You are the keeper of your scholarship. If it is assigned to school X and you ask to transfer to school Y, neither school has any say in that assignment. The folks in P-cola own and moderate the quotas.
Come April/May time frame, the folks in P-Cola will sometimes raise or lower quotas at certain schools to make room for awardees. Having support from the Unit CO to add a quota is helpful and you should be proactive in keeping them informed. The unit does have some say in late stage transfers. Example: if they have three folks that are similar in standing, the unit CO pulling for you will make a difference.
Last point. There are always schools that have room for scholarship awardees. These schools typically have rolling admissions and/or will accept you solely based on being a scholarship winner. If you goal is being commissioned, you will find a unit. It just may be at a college you never considered.
THE FOLLOWING IS OPINION:
You should always assign your scholarship to a safe school that you are afraid will fill up. If you get accepted to your stretch school, it is generally easy to switch late in the game. A couple examples where this doesn't work: USC and Notre Dame are stretch schools that fill up and are hard to transfer in. TAMU and Embry Riddle Daytona are an example of schools that fill up early but aren't generally as competitive as a top 25 school.