If we were to sign a first round tendered player, would we have to give up a first round this year or next?
Not that cut and dry. I'm pretty sure it is negotiable. The same way we signed and traded Wes Welker teams can work out compensation.
If you simply sign him (and the other team declines to match), you give up a first in the next draft. As mentioned, that doesnt happen very often any more, and usually a trade is worked out instead. These days, franchising a player generally means that he's off the free agent market. Restricted free agents dont move very much either. Though if I were a team with a low first round pick and a need at WR, I may have made Mike Wallace an offer this offseason. His demands might be sky high though. Teams dont often want to give up a high draft pick AND a huge contract. One or the other is bad enough.