This is such an odd situation.
Apparently, a team must make an offer at least 40% of slot value. If the player refuses, he can ONLY go back to school. In that case the team loses that portion of the pool money and gets a pick in the next draft one spot later.
The Rays failed to offer him 40% of slot value, so that allows him to elect free agency, OR go back to school. He elected to become a FA.
This should have meant the Rays don't get a compensation pick in the next draft.
HOWEVER, there is an obscure rule that states any of the Top 50 draft eligible pitchers that decline an invitation to undergo a pre-draft MRI do NOT have to be offered 40% of slot. This loophole is allowing the Rays to still get another pick in the next draft.
I have no opinion on if they should sign him or not. He will get $1M-$2M on the FA market and his arm will probably blow up within 2-3 years. It's a risk, and I don't care whether or not the Braves take it.