copied from elsewhere, written by someone more cap-savvy than I:
On the Transition tag, Article 10, Section 8 states that the Rights of First Refusal on a transition tag or franchise tag cannot be traded. So, he has to sign with someone. Then, the Steelers could match. But, Article 9, Section 3(h) would kick it. It basically affirms that there is no consideration for Rights of First Refusal and IF a team matches the contract and retains the player, he cannot be traded to the team making the offer for one calendar year and cannot be traded to ANY team without approval of the player or NFLPA until after the signing period ends, which is July 22nd (IIRC). So, if you match, you tie yourself to his *** for another off season, fork over whatever bonus money is due, and then have to try to move him for a future draft pick. Just too much bullshit there.
That is true Supe, you can't trade the right of first refusal. But you can sign the contract outright, then trade the player to the team you were negotiating with. I think the only thing working against this type of move would be the signing bonus. The team involved in the trade would have to accept the signing bonus to make it work. Otherwise, the front office would have to put a value on draft picks vs the dead money from the signing bonus. It could work out economically over time, but that deferred bonus over time would be the only caveat.