Draft Over Needed Field Release For Free

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A player can refuse to play for the team that drafts him. In that case, the team will most likely squat on the rights to sign that player, to see if they get a good offer from another team. If the player is a late-round pick or a borderline player, then the team would probably just cut him.
If no other club bids on that player, they are awarded the player and lose a pick in the following year's NFL Draft that corresponds with the round in which they were awarded the player. If multiple teams submit bids for the player, the highest bidder is awarded that player and loses the corresponding draft pick.
A player can refuse to play for the team that drafts him. In that case, the team will most likely squat on the rights to sign that player, to see if they get a good offer from another team. If the player is a late-round pick or a borderline player, then the team would probably just cut him.
Still, draft picks are not mandated to sign with their respective clubs, and the drafting team does not hold the player's rights in perpetuity. In theory, a player can hold out for the entire year and re-enter the draft in the following season.
The only team that can sign him in his draft year is the team that drafted him. Players have said no before (Eli Manning to the Chargers for example) and the team with the rights to the player usually trades their rights away to a team he's willing to play for.
In order to be eligible for the NFL Draft, a player must be at least three years removed from high school. These underclassmen must apply for approval to enter the NFL Draft (reviewed by the NFL's player personnel staff), and they have until seven days after the college football national championship game to do so.
If they do draft you, you can refuse to sign with them, demand a trade, and either go play in some other league or just sit out. Chances are that team will either give up your rights or trade them to another team.
The NBA has many examples of players who weren't drafted. However, every player who intends to play in the NBA must declare or become eligible for the draft. When you don't get drafted, you are still eligible to sign with an NBA team as an drafted free agent.
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