I disagree.
I think it was an unintended consequence of how different the collegiate route and the Canadian junior route is.
This is partially a direct response to you, but mainly for anyone who shares your view.
Here's (I think) the relevant section of the CBA:
Section 8.6c
(i) If a Player drafted at age 18 or 19 is a bona fide college student at the time
of his selection in the Entry Draft, or becomes a bona fide college student
prior to the first June 1 following his selection in the Entry Draft, and
remains a bona fide college student through the graduation of his college
class, his drafting Club shall retain the exclusive right of negotiation for
his services through and including the August 15 following the graduation
of his college class. The Club need not make a Bona Fide Offer to such
Player to retain such rights.
This isn't a loophole. For a certain time frame, you have exclusive signing rights for a player you draft. With college players, it's defined above. College players have the opportunity to finish their degree, teams don't lose their rights before that happens.
Just because one or two college picks each year go the free agent route instead of signing with the team that drafted them doesn't make it a loophole.
Just because you don't like those students exercising that right, doesn't make it a loophole.
Just because these rare cases can turn into a media circus and pitch fest from interested teams, doesn't make it a loophole.
Teams aren't obligated to sign their draft picks to an ELC. Players aren't obligated to sign an ELC with the team that drafted them. Either side can run out the clock. Do you claim LOOPHOLE! when a team doesn't sign a draft pick that didn't develop as the team hoped?
Both the players union and the owners agreed to the CBA. This scenario isn't a loophole. Or even an unintended consequence - it's simply a consequence (and a rare one at that). When a first round pick college player opts for free agency, the drafting team gets compensated with a second round pick - so it's not like the owners didn't think of this scenario.