Yes, very soon the number of US medical grads will exceed the available residency spot. This is going to be a big issue for those with large debts and no residency match. However, I prefer this situation over expanding the number of residency positions. Despite all of the talk regarding "physician shortage", I don't think there is a shortage at all. In fact, we may have a surplus, especially if you factor in the forces exerted on the market by non-physician healthcare providers.
I came across an article that showed that the number of practicing physicians in the US during the year 1970 was ~330K. The US population was ~210 million. In few years, the number of practicing physicians in the US will reach 900K, nearly triple the number that we had in 1970. However, the population will have increased by only 70%. All that and we are not factoring in the workforce of NP's, PA's and CRNA's.