What benefit is it, if any, for a MLB team to draft a player (a pitcher) in the late rounds knowing that the player will probably go ahead and play for the college team he has signed with?

Teams will sometimes take a "flyer" on a kid in the later rounds. What that means is they will draft a kid(mostly HS) they know will probably end up going to college hoping they can sign him from school. Take a kid that should go in the 2-5 round but has signability issues. A team might just take a chance on him in the later rounds and throw him more money than other people would get in that round.