I believe a couple of you are interpreting it incorrect. Though I'm not 1000% sure... I believe in this case, there's 3 levels Bos could be tendered. The lowest is "original" drafted tender being the least, with a compensation being a pick equal to the round the player was drafted... in this case, undrafted, resulting in no compensation.
In this actual case, the Steelers did tender him the 2nd round amount, so regardless of his original draft spot, or lack of, if Steelers do not match an offer tendered by another team, because of their high value tender, they would in fact receive a 2nd round pick.
Otherwise, what's the point in offering any more than lowest tender, let other teams negotiate and either match or don't match. Maybe they'd get to match less than the 2mil+ they did tender?