If a team claims him on waivers he has no recourse but to report or he will receive the old five day letter and be placed on the retired/did not report list and receive zero compensation. He would then become a free agent at the start of the next league year and that team would receive any draft compensation due if he signs as a FA elsewhere and they don't sign more FA than would negate their receiving a comp pick.
If he isn't claimed by any team he becomes a UFA on Wednesday at 4PM. In that case Minnesota is on the hook for his remaining 2010 salary and he is free to negotiate an additional salary or longer term contract with any team interested.
The reason to claim him is to avoid a bidding war with another interested party while also avoiding being forced to engage in potential longer term negotiations. If he refuses to report as a result, you're essentially not on the hook for anything. If he reports and refuses to participate he can be suspended with cause. If he reports and you end up wishing he hadn't, it's you're turn to waive him and eat a chunk of dough while wiping the egg from your face...
In order to stop the snowball careening downhill that is the remainder of his career and his next contract being the first of a series of prove it again deals ala TO, Randy needs to find a way to dispell the growing concern that he is what he is and his risk outweights any reward. But giving how his mind works, who knows what track he will next persue. If like many here he's convinced himself he's somehow earned a do over here, he's likely to be in for an even ruder awakening than the two he basically shrugged off in the last 25 days. His new agent hasn't had any mitigating effect on his behavior, but then that's what you get for dumping the one guy who genuinely seemed to care and who had stuck with him for better or worse since his HS days trying to concurrently get him what he wanted while also attempting to get him what he needed.