I believe that it would be the equivalent of this years pick, so it would be #33 in the 2012 draft. It would also be an unprotected pick though, so they would have to draft a player they knew they could sign in 2012 or they would not get the #33 pick back the following year.
Ryan from Waco
The #33 pick is unprotected, I believe, as it is a compensatory pick for losing Cliff Lee. Rangers gave up their true #1 (which would have been protected) to sign Beltre. I'm not 100% sure about this though.
Scooby Dude
I was wondering, if the Rangers draft a player like this Bell kid who has said he wants to play at UT and then they don't sign him, I know they get a compensatory pick in next year's draft but I'm wondering where that pick would be. The Rangers draft 33 this year, so where would next year's compensatory pick be if they don't sign their first round pick? Would it mirror this year's pick or is there an area of the draft's first round for these compensatory picks?