Need to get rid of this college loophole. Good of the Pens to take advantage at least the Oil got something if very little for a player that wouldnt sign with them
A) It's not a loophole. It's something that's there to ensure that the players get a chance to follow their dreams. It's the same reason waivers applies... so that teams cannot keep quality players buried in the minors forever just because your team doesn't have room for them.
B) It doesn't only apply to college kids. Kids in the CHL could do the same thing (stick it out 4 years post draft to become UFAs). They overwhelmingly choose not to do so. But make no mistake - they certainly could if they wanted to.
edit. I see @wej20 beat me to it.