A change to the compensation for any pick that complete 4 years of college should be given and any team that signed him should forfeit their pick accordingly. If he is a 5th round pick, and any team that choose to sign him should give the same 5th round pick back. I think we just need to rework some of CBA for this type so that each team would invest their time by invite them to the prospect camp and teach them at the camp only for them to sign with other team. This type of movement will force the team might lose their own pick to assess if it is worth the risk. The only exemption would be if he is not signed on that certain date that would cause him to miss training camp and exhibition games risking missing out his development year in the AHL/ECHL, etc. will not be given a compensation pick back.
That would need to be collectively bargained and I can't imagine the NHLPA would willingly limit the number of potential suitors. Seven teams have already dealt their 2025 5th rounders for example.
And what happens in the case where the team didn't want to offer a player an ELC? Are they still entitled to a compensatory pick? Case McCarthy was a 4th round pick by the Devils in 2019. He graduated spring 2023 and New Jersey opted not to sign him. It would seem unfair to McCarthy if he had no offers because nobody wanted to fork over a 4th rounder on top of a contract.
Would Jay O'Brien have required forking over a 1st round pick? In the end, Philadelphia was happy enough to take a compensatory 2nd rounder from the league. Awarding extra compensatory picks for non-first rounders would get messy since teams might be happy to get a mulligan rather than sign a guy that they're not sure about.
Realistically an NCAA player going the free agent route is more rare than we make it seem.
Edit: In last year's version of this thread, I compiled a list of 'notable' guys who went this route:
Seniors - August 15th
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2006: RD Nate Guenin (NYR=>PHI) - August 16th
2010: RD David Fischer (MON=>N/A)
2012: C Daultan Leveille (ATL/WPG=>N/A)
2014: C Kevin Hayes (CHI=>NYR) - August 20th
2016: LW Jimmy Vesey (NSH/BUF=>NYR) - August 19th, Thomas Di Pauli (WSH=>PIT) - August 19th
2017: LD Doyle Somerby (NYI=>CLB) - August 23rd, C Alex Kerfoot (NJD=>COL) - August 23rd, LD Will Butcher (COL=>NJD) - August 27th
2019: RD Chase Priskie (WSH=>CAR) - August 16th
2020: C Matt Filipe (CAR=>BOS) - August 17th, LW Cam Morrison (COL=>CHI) - August 18th, LD Ryan Shea (CHI=>DAL) - August 19th
2022: RD Jack St. Ivany (PHI=>PIT) - August 20th
2023: C John Farinacci (ARZ=>BOS) - August 16th, C Jay O'Brien (PHI=>TOR AHL)
Juniors
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2008: RW Blake Wheeler (PHX=>BOS)
2012: RD Justin Schultz (ANA=>EDM)
2017: G Cal Petersen (BUF=>LAK)
There are cases like Fischer/Leveille/O'Brien where the team preferred to get the compensatory pick. My memory is fuzzy, but I don't remember if it was Colorado who didn't want to commit an ELC to Cam Morrison or if he didn't want to sign.
And just to expand on a previous point, how would you differentiate John Farinacci (2019 3rd round pick) spurning the Coyotes vs. guys like Jake Wise (2018 3rd) or Robert Mastrosimone (2019 2nd) not getting offered an ELC from their drafting teams?