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Makes sense if I want to use the knob on the body and not the port, but this only physically fits the way I have it. It isn't big enough to fit over the lens the other way. The instructions show it oriented the way I have it too.
I did figure out that the 'extra' rings fit between the diopter and the holder, and seem to be some sort of spacer. I can attach the diopter to the holder without any rings, or with 1 ring, or with both. The rings will physically fit the groves instead of the of the holder, but then I cannot attach the holder if I have a ring on first. The rings don't fit anywhere else.
What do you mean by 'not big enough'? If it doesn't go over the lens, you may need to take the lens off, put the gear on the lens, then put the lens on the camera.
CMC-1 and CMC-2 have a protruding rear lens element; this is meant to get it closer to the port glass when using adapters (flip/bayonet/magnetic). When you are not using an adapter and instead screw the diopter directly into an M67 port, you need the spacers to take place of the adapter and put the threads flush with the rear element.