If enacted though this would completely eliminate the winner being based on the electoral vote process. Because with 270 electoral votes it means that the law of the land would then be that the winner is by popular vote. This completely negates the constitutions intentions. It seems like a form of collusion between the states involved in order to subvert the constitution. In that way it is kind of a bit like Rico.
If enacted it could be repealed or replaced.
There is nothing externally binding any state to it.