Mtnmanmike...file this in the FWIW category. I've usually seen webbing routed through the rings differently than in your photo.
Here's a sketch...
SMC Rings & Strap.png
And a link (scoll down to 3.3)...http://www.tothewoods.net/HammockCam...ion.html#Rings
A slippery half hitch is needed to back up this method as shown in the link.