It'd be a great way to force teams into a 'use it or lose it' scenario, because if it happens with the first pick this year, and happens intentionally you can bet Turf that there'll be a rules change.
Plus, WHAT they pay (and for which slot) is most likely covered by the current CBA. When this happened before, what pick & money did the team pay out? (Who was it? Vikes, right?)