Yes, this is bad.
And it's only the beginning. Watch GSW players take below market value for their next contracts, because they will make much more money from "champions" endorsements.
Unless the league impose value contracts on top players, loopholes will always be there.
Right now, each time they fix a loophole, it makes it worse for the other teams only.
This is borderline dumb.
If the league cares so much about parity, they should do something (and not let players dictate important (cap) decisions).
Or simply don't pretend to care about parity and let franchises spend whatever they want. It's like that in other leagues and the parity is not worse than nba right now.