Gigafish,
That is a HUGE problem (pardon the pun) for the public aquariums who ultimately get many of these calls. The pet stores rarely take back these outsized fish. Many of the fish die along the way from this or that. Those that are kept too long in small tanks often develop chronic issues (rubbed chins, bent fins, etc.) that make then unfit for display at a public aquarium. Then there is the fact that public aquariums have finite space and their exhibits are usually filled with pretty much the exact fish they want to display - adding one more lionfish or eel just isn't in their collection plan.
So - I average around one call a week from people asking to donate their oversized fish (usually freshwater though). Another common reason people need to unload fish is when they are moving and can't/don't want to take the fish along.
The problem for me is that as their "last resort" when I say no (and I have to do so about 99% of the time) they tend to take it out on me - we receive some public funding, have lots of big exhibits, so some people just cannot accept that their local public aquarium won't take their fish. Thus it sometimes becomes a game of hot potato - you don't want to be the last one to tell them no, so you refer their call to another aquarium....and hope that that aquarium didn't just refer them to you!
So what happens to the fish? Some get euthanized, some are kept in the crowded tank until they die, some are released to the wild (a horribly bad idea!) and some do find homes in pet stores and public aquariums.
JHemdal