Can of Corn: What happens to the others? Doesn't sound right, they draft a kid an then won't sign him if he wants to be signed if in the bottom half?
The rest don't get offers and either go back to school or if they are seniors try out for Independent League teams or try to catch on as free agents somewhere. They let you know real quick that this is a business and you have to be of value to them or you are gone. They have until July 15 to sign their draft picks.
I certainly could be wrong, but I believe if they draft you, they have to offer to sign you. Might be for next to nothing and not in your best interests...but I have this memory of the first time our son was drafted, the scout and his boss showed up at our house with a minimal offer stating they "had to make an offer within xx days, but please don't sign it because we think we'll be offering more later in the summer."
And they did, but they didn't have too make a second offer.