"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."
Source: @RaysBaseball will not sign supp 1st-rder Drew Rasmussen. Oregon St RHP, up to 98 this spring after TJ in March 2016. @MLBDraft
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, according to its statement, the team does expect to be awarded with a compensatory pick in next year's Draft.
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.
Rasmussen will be returning 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.