I would think if the Phillies were assigning him to AAA (and he doesn't have a split contract) he'd be paid his major league salary. Obviously that's not going to happen. And even if he couldn't refuse the assignment he'd still become a free agent once non-tendered.
Since he's on waivers, not DFA'ed, no trade option either (i.e. a team can't jump in and make an offer for him before he officially hits waivers - he's already on 'em).,
It will be interesting to see how many spots they leave open on Tuesday, and/or if they try to trade Franco (or maybe Altherr?) before the draft.
(Oops, posted just as julio did. Well, we'll know this soon enough. I assume their intent is to let him move on and find a better situation regardless).