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Pro - get a pro bowl caliber playerOK, let's just toss out a hypothetical. If you're the Colts and you just canned one of your starting guards, and you were planning to use your very low first round pick on a guard, why wouldn't you seriously think about going after Mankins?
Pro - one of your top competitors loses that player
Con - you give up a #3 also
Con - you have to pay him more than the draft choice
It's quite possible the Colts may consider a low #3 and a contract Mankins likes worth the risk that the rookie they would have taken isn't at Mankins' level. This isn't like the Franchise tender where you're giving up a second #1 pick.