Jason Cole article: Brees - 3rd Franchise Tag? CBA Wording

(c) If any Franchise Player does not play in the NFL in a League Year, his
Prior Team shall have the right to designate such player as a Franchise Player or a Transition Player the following League Year, if such designation is otherwise available to the
Team, except that the applicable Tender must be made and any 120% Tender shall be
measured from the Player’s Prior Year Salary.
If such a player is redesignated as a Franchise Player for the League Year following the League Year in which he does not play,
the player may be designated only under Section 2(a)(i) above, except that Draft Choice
Compensation of only one first round draft selection and one third round draft selection 52
shall be made with respect to such player in the event he signs with the New Club.

"Section 2(a)(i)" is the Nonexclusive Franchise Tender, Section 2(a)(ii) is the Exclusive Franchise Tender (what is offered to Drew currently for 2012).

Soooo.... If a player gets tagged, sits out and doesn't sign or play, he gets paid nothing, right?

Therefore, the next year he gets tagged again and is due, 120% of nothing?
(Prior year salary=$0.00, 120% tender the next year based upon previous year's salary=$0.00)