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If a Club does not sign a pick, its signing bonus pool is reduced by the amount of the pick. So,...

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If a Club does not sign a pick, its signing bonus pool is reduced by the amount of the pick. So, for example, if a Club does not sign its first round pick, and its first round pick had a slot of $1.5 million, the Club’s signing bonus pool would be reduced by $1.5. This is true of any unsigned pick, not just those covered by compensation. The main idea here was to not create incentive for a team to NOT sign a pick. Without this safeguard, a team could "punt" a pick in order to divert those funds to another pick later on, which could result in a Draft that would look a lot like the old ones. In the next year’s draft, the Club would receive a compensation selection for failing to sign its first, second or third round selections, and the slot assigned to the compensation selection will be added to its signing bonus pool.

From Jonathan Mayo. There's more he details, as well. The new draft and amateur restrictions suck so much.