In the particular dressing shown, there is one such turn ( singular ), indeed - although it is located deep into the collar structure, at a point after ( post ) the higher collar, where, presumably, the loading coming from the returning eye leg has been reduced already. This means that the line will be tensioned less, and it will not be forced to “fold” around one rope diameter - but it also means that it will have the tendency to remain slack a little bit.
There is also this interesting theory by SS369, who claims that such a sharp U turn can impede the slippage of the Tail end more efficiently than a wider one :
However, there are dozens of other, different dressings, which may be preferable regarding this. In fact, I believe that this shrank / collapsed bowline-on-the-bight can be dressed in more ways than a retraced fig.8 eyeknot ! To widen the curves followed by the lines inside the knot s nub, we can apply the same method shown in the case of the Water knot - which, after all, is the core on which we tie the bowline-on-the-bight : we can "twist’ the pair of the ends inside the rim of the higher collar, and transport this twist inside the nub of the Water knot. I have seen that the best results are achieved when we twist the pair 720 degrees :
http://igkt.net/sm/index.php?topic=2893.msg17422#msg17422
In this thread I have chosen this particular dressing because the initial,“flat”, loose knot is unique, in some sense - so it can be remembered and inspected more easily than the others - , and it generates a very compact final nub.
Once it is decided that the knot would be tied as end-of-line PET eyeknot, its Standing and Tail ends are determined - and once those ends are determined, the particular bight which we should shrink and the particular bight which we should widen and load are determined, too - and vice versa. So, there is no need or room for any “agreement”.
Download the (free) GIMP "Image manipulation program" :
http://www.gimp.org/
File - Open - (Select the picture file in the computer) - Export as JPEG image - Replace - Check “Show preview in image window”- Check the " + " in front of “Advanced Options” - Uncheck everything except the “Optimize” option - At “Subsampling” box select the 4 : 2 : 0 (chroma quartered), and move the pointer in the “Quality” box left and right, until the “File size” becomes smaller than 100 kb - Close - Close without saving.