The San Francisco 49ers are expected to tender a contract to exclusive rights free agent Jordan Devey, and I imagine some people might lose their mind a little bit. In reality, it's not nearly as crazy as it sounds.
An exclusive rights free agent has two or fewer accrued seasons. Devey was active for 15 games last season, and seven the season before. Under the rules of exclusive rights free agency, the team can hand the player a contract for the league minimum. The player can either sign the contract, or not play in the NFL.
The team has the right to not tender a contract to the player, and thus make him a free agent. However, as Matt Barrows noted in the link above, the contract is not guaranteed. The contract is effectively not much different than a reserve/future contract. It gets Devey a shot to compete for a roster spot, and likely nothing more.
Devey had a bad year last season, but this contract does not mean he will be on the roster in 2016. He could earn a roster spot, but we'll have to wait and see what free agency and the draft bring to the roster.