The impending graduation of third-year team members can have both positive and negative impacts on the team's morale. On one hand, team members may feel sad or anxious about losing experienced colleagues and friends, which can temporarily lower morale. On the other hand, it can also motivate team members to step up, take on more responsibilities, and work harder to fill the gap left by the graduating members, leading to increased teamwork and a sense of accomplishment. Overall, how the impending graduation affects the team's morale will depend on how the team members perceive and respond to the situation.