I will be interested to se what the Rams do with McLeod this offseason. I think they will try to bring him back but they also have Davis, Bryant, and maybe even Joyner waiting in the wings.
I have not see the tender rates for 2015 published (usually do not come out until March) but based on last year's rates they should project to the approximate $$'s noted below give or take $10-$25K.
Level 1: 1,570,000 $ (ROFR)
Level 2: 1,570,000 $ or 110% of 2014 salary (Original Round Pick)
Level 3: 2,400,000 $ or 110% of 2014 salary (Second Round Pick)
Level 4: 3,410,000 $ or 110% of 2014 salary (First Round Pick)
Aside from a negotiated multiyear deal before FA, I cannot see the Rams slapping more than level 1 right of first refusal (ROFR) tag on him. Since McLeod was an undrafted FA, the team will get no draft compensation in 2015 if he leaves (assuming they go level 1) but they could actually get a late round compensatory pick in 2016.
I am somewhat on the fence about bringing him back because McLeod had some culpability in quite few of the big plays the Rams gave up over the top in 2014. I would like a FS that can be that true ballhawk and McLeod does not fit that mold. True ball-hawking abilities aside McLeod was mostly solid with several nice hits, like the "Legal" one on Sanders against Denver that demonstrated that he can bring the wood at times. I think he is one of those players that most would circle as needing to upgrade but someone they can accept as a solid starter. Elite free safeties seem hard to find in the draft and in free agency because I think many of the guys that fit the prototype FS list (hitters with size, range/speed, and coverage ability) often end up playing CB instead. McLeod is not elite but he is mostly solid and he has been pretty durable as well.