Alex Cobb, as expected, rejected the Qualifying Offer the Rays made him. They will now get draft pick compensation, and the amount will depend on how much someone else pays Cobb.
For his part, Cobb made a statement to the fans, quoted here from The Heater blog:
"Getting to this point in my career is truly bittersweet.
"Twelve years ago the Rays welcomed me into their organization. Being able to play in the stadium that I grew up attending has been a dream come true.
"The two things that I'll truly miss the most are the friendships I've made and our fans.