Not knowing the rules with certainty makes it hard to be for or against that move at this point. But it is better than him staying in Jr and going back into the draft. Chevy needs to get him signed.
I don't think the rules will change in terms of teams' rights to a drafted player who goes to college.
Currently, for 18 and 19 year old drafted players who are either already college students, become college students before the following June 1, OR become college students before the 2nd June 1st after their draft, the drafting team retains their rights for 4 years.
So for a player drafted in 2024 (like Walton), the drafting team would retain his rights until August 15, 2028 under the following scenarios:
D+1 to D+4 in college (4 consecutive years)
D+1 year in another league (OHL, USHL, BCHL, etc.), then D+2 to D+4 in college (3 consecutive years)
For a player drafted in 2023 (like Connor Levis), the drafting team can only retain his rights for 2 years and then he's eligible to be drafted again in 2025. Levis would've had to have been in college this year for the 4-year rights to apply.