For the purposes of this Act, news content is made available if
(a) the news content, or any portion of it, is reproduced; or
(b) access to the news content, or any portion of it, is facilitated by any means, including an index, aggregation or ranking of news content.
21 An operator must participate in the bargaining process with the eligible news business or group of eligible news businesses that initiated it.
39 An arbitration panel must dismiss any offer that, in its opinion,
(b) is not in the public interest because the offer would be highly likely to result in serious detriment to the provision of news content to persons in Canada; or
(c) is inconsistent with the purposes of enhancing fairness in the Canadian digital news marketplace and contributing to its sustainability.
Sounds a lot like the named companies aren't even allowed to say "no I don't want to display links at that cost anymore.". And it includes indexing for searching, even if you only included the headline with no preview link, or allowed people to like/upvoat posts with links to news sites in them.
So you have to negotiate if named, and the news sites reject your offer, you go to arbitration, and of the arbiter doesn't like your offer (and by the text "I don't want to show news anymore" MUST be rejected) then it goes to whatever the news corps offer was.
If it just said "hey, we decided your previews generate too much value and violate copyrights, you need to pay royalties or else show the bare links" well, that would be dumb but fair. But being forced to transact seems bad.
No the opposite. Those sites (G/FB) will be forced to negotiate with the news sites over how much money they now owe them, and the tech companies can't say "no I'm out I don't want to pay X" as that seems to violate the rules passed to the arbiters saying they must reject an offer if it means Canadians get less news.
So meta pulling links is gonna get contested, and they will be forced to hand over a bag of cash to pay for all the linking they have done.