As a matter of practicality, there are a lot of benefits for a fringe draft prospect to sign with a team as a college free agent rather than as a late-round draft pick. While they don’t receiver contracts that are as strong, they have a significantly better chance of landing with a team with whom there is an opportunity to make the roster. And, after all, if you don’t make the roster, you only get your signing bonus anyway. The rest of the contract is like it never even existed.
I recently talked about former Pittsburgh Steelers defensive tackle Chris Hoke and how he recounted to the team’s website that it was something of a blessing in disguise that he wasn’t drafted.