The compact has the mechanism and effect you describe, but you seem to have added your own editorialization as to the motivation: "participating states agree that the only fair election is one where the candidate with the most votes should win."

That's not part of the bill in the one state that I reviewed (MA), nor in the text describing the compact generally.

[Voters in] States participating may in fact believe that multiple types of fair elections exist, but that they merely prefer this particular one.