They just signed a new CBA, so I'd expect not until that expires.
It is a loophole, but the team does pay the money, and it does hit against the cap eventually, so it isn't a huge loophole.
Also, the team could just do the same thing by making the years non-voidable but making the base salaries so high that the team would be forced to cut him anyway. Voidable years is just a cleaner way of doing that.