Your first image, the one from the Library module, is the Embedded JPG image that is included in ever RAW file. That embedded image follows any and all In Camera settings. The RAW file does Not. There are settings in Canon cameras that will raise the exposure and do other things to make the image look better. These things are not applied to the RAW data. In the Library module select the Library menu item then Previews then Build 1:1 Preview of that image.
Check your camera and reset all setting to base settings, as shipped from factory, Default setting.
Thanks JSM. I think you are right, I just didn't realize how noticeable the difference there could be between a RAW and JPEG with respect to vignetting (due to the in-camera corrections only affecting the JPEG/preview image). This is my first full frame SLR and I think the effect is way more noticeable with wide angle shots (24 mm in this case). Now than I'm able to take advantage of the full FOV of the lens I'm seeing things that I didn't get with an APS-C sensor.
Also, I realized that I did not have the "Enable Profile Corrections" box checked in the "Lens Corrections" options. Once I turned that on it pretty much fixed the problem.
That said, I'm still surprised the vignetting is so dramatic when the option isn't selected. Could it really be this bad on an L-series 24-70 lens? It still seams like something's not quite right, but I'm going to put it to rest for now.
It's not just the difference between the 2 file formats. It is "In Camera" settings that is causing it. For Nikon one of them is called D Lighting. Canon does something similar. There was a discussion on it just a few days to a week or so ago. Someone was complaining on how LR is applying adjustment to their RAW files. They were actually under exposing the shots and those Canon In Camera setting were making the JPG properly exposed but not the RAW file.
Sorry I can find that other discussion and I don't remember what the Canon name is for that similar feature to D Lighting in Nikon cameras.
Interesting, that could certainly have something to do with it. I'll experiment with the in-camera settings and see what happens.
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Canon actually has three different jpg enhancement tools: Highlight Tone Priority, Auto Lighting Optimization, and Peripheral Illumination and CA Correction. HTP reduces ISO by 1 stop and then pulls up mostly the shadows, ALO does a sort of AI analysis and tonal correction*, and Peripheral Illumination is according to profiles for supported Canon lenses. In this case it looks like a lens correction was done to the embedded jpg.
Great info Elie_Di, thank you.