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7th round picks are about the cheapest roster spots you can get. Often less expense than UDFA’s.
7th-round picks are certainly cheap, but UDFAs are cheaper.
Each team is allotted a modest amount of cash above rookie minimum, roughly equal to the slotted bonus of a 7th-round pick, for their entire UDFA class. If a team really wants to lure in an especially desirable UDFA they can guarantee part of their salary, but by and large UDFAs make minimum salary, period.
EDIT: For example, last year 7th-round pick Keion Crossen got a $75k bonus, priority UDFA J.C. Jackson got $10K.