A few people e-mailed in this question today.
Luis Vizcaino is a Type B free agent. So once he signs with another team, the Yankees will receive compensation in the form of the first-round “sandwich pick” in the 2008 draft.
Given that the Yankees are willing to pay over slot to get top talent, this pick could prove to be far more valuable than The Viz. Think this stuff doesn’t matter? The Yankees received two picks in the 2006 draft as compensation for losing Tom Gordon as a free agent and selected Joba Chamberlain and Ian Kennedy.
LaTroy Hawkins was not classified, so the Rockies receive no compensation for him.