It doesn't, but if it did, I'd probably play test online anyway. I'd just choose to do so in some kind of restricted forum with players who could all sign up for the materials themselves. I think that satisfies adhering to the spirit rather than the letter of the agreement.
I am not a lawyer. My insight into WotC's legal team's brains is limited. But after pondering why they would declare an open play test and then put on the play test agreement's restrictions, I came up with one main answer - protecting intellectual property. My guess is that they have the agreement and restrictions on the play test to only others who have also agreed to the terms, prohibitions on online games, and prohibitions on playing at non-WotC conventions so that they feel that everyone participating and witnessing (or at least seeking to witness) the play test has signed on to the IP protection elements of the terms.