It just means that UFL Team has his rights for that league. If he wants to play in the UFL he will play for that team. The CFL had a team pick Terrell Pryor, that just means if Pryor decides to play in the CFL that team has his rights. It has no effect on other leagues. In this case Fannin will probably go to the Broncos camp, and if he gets cut go to the UFL.