The Rays will not sign Drew Rasmussen, their second selection in the 2017 MLB Draft, the team announced on Wednesday, as first reported by MLBPipeline.com's Jim Callis.
Tampa Bay selected the Oregon State right-hander 31st overall with the first pick in Competitive Balance Round A.
"As has been reported, we were unable to reach an agreement with Drew Rasmussen," the team said in a statement. "We wish Drew the best as he moves forward. We will have no further comment on the matter."

With the team unable to sign Rasmussen, the Rays will not be able to reallocate the $2,134,900 allotted to the pick on another selection this year. However the team did say it expects to be awarded with a compensatory pick in next year's Draft.
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Described by Rob Metzler, head of Rays' amateur scouting, as a "power right hander" with a "strong slot," Rasmussen was rated as the No. 98 Draft prospect, according to MLBPipeline.com. He returned from Tommy John surgery in late April, initially working out of the bullpen before returning to the rotation. He has three effective pitches, led by a plus fastball.
"Velocity's come back relatively quickly," Rasmussen said after the Draft. "I know everyone's timetable is different. I think it came back relatively quickly. Now it's just the touch-and-feel stuff that we're working on. Some days command will be great, and I'll say, 'I've got it.' And other days it's a little more touch and feel and you have to make adjustments as you go. And that's really where we're at right now. Kind of tightening up the screws."
If the Rays are awarded a comp pick for Rasmussen, the right-hander would presumably return to Oregon State for his redshirt junior year. His Beavers were the top-ranked team in college baseball and made it to the semifinals of the College World Series in June. Rasmussen finished the season 3-0 (eight appearances, four starts) with a 1.00 ERA.