I'm actually well aware of that. It's essentially a way to get rid of the electoral college for the popular vote without actually getting rid of the EC. And I'd love for it to be implemented in enough states to work.
However, I think RCV can still work. It's just that the state allocated votes would need to first look at the state level race for president, determine a ranking, then look at the national level race, and allocate to the highest rank that can possibly win.