If he plays and becomes a UFA then he's completely free.
Might get a compensatory (or something like that) pick for him if he leaves as an UFA. We would get compensation if he was franchised, but if he's bitching and moaning about the RFA tender this year, he'd probably bitch and moan even more about being franchised next year.
Plus, I believe the compensation for another team signing your franchise player is 2 first round picks and all the other teams showed that they were not willing to give up 1 this year. Unless he does show up and shows that he can be a complete WR, no team will be willing to give up 2 next year. I'm not even sure he would be worth franchising if they can't sign him long term. Think that would be an average of the 5 highest paid WRs next year, and he's not even close to a top 5 WR (though he is the top deep threat).