Hey! I See potential!
He's just got a big scope, which means he's got a big jump potential ahead of him.
Yes you've got a great auto release!
Something I recommend:
I found it really helpful to use jumps as such, as the midpoint of a figure 8.
Use the logs and hay bales, etc.. as just something in the way. Set them up relatively close and use them in patterns, and your horse is going to collect himself real nice ;]