Drafting Rules

Here is an off the wall question. Can a potential first-round pick who does not want to be drafted by a bad team, forgo the draft, and next year sign with the team he wants as a free agent? I think Bo Jackson did something like that, but I was wondering if a player could still do that. Obviously, they would have difficulty getting the money they want without the first round pick stature, but if they are that good, and a good team wants them, maybe they could still get big bucks, but will be playing instead for a Super Bowl contender. Not sure how this would work, or how what the team acquiring the player would have to give up.