Undrafted free agency will start immediately after the 2012 NFL Draft ends on Saturday night. Already teams have been calling players to recruit them in undrafted free agency before the draft is even over.
If a player is not drafted, he is an undrafted free agent and eligible to sign with any team. Teams have a limited alotment of money they can give in signing bonus money, so it becomes competitive between teams.
Sometimes it's actually better for a player to go undrafted rather than be selected in the 7th round because he can choose which opportunity gives him the best chance to make the roster.
Undrafted free agents will receive signing bonuses anywhere from a few hundred dollars to $20,000 or more.
Undrafted free agents are still ultimately a long shot to make the team but every year there are a few guys who end up becoming solid NFL starters, like Giants WR Victor Cruz.
Stay tuned to SB Nation's Mocking The Draft for the list of the best available players following the conclusion of the NFL Draft.