I have a real problem with the whole rules regarding this situation. Basically, any foreign-playing player that is an RFA gets screwed by this.
His choices are
1) Take what his team offers
2) Get what a team is willing to pay for him, and then let every team make a claim on him, with his old team having a priority.
The Team's choices are:
1) Offer him less that he's worth
2) Let him walk for picks when someone offers him something.
3) Sign him for what some other team thinks he's worth.
I think the easy solution is that an offer sheet negates Return waivers.