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Why does he need to "set an example"? At the end of the day, he has everyone by the ear and is in a position of power to determine where he wants to be. We can continue pretending that this is an amateur league all we want, but in reality he's a highly-sought after future employee with an elite skill set that is worth a ton of $$$. He knows this, the programs know this, we know this. He's working on his own timeline because there is absolutely no reason not to. Especially when you consider that as soon as he signs that LOI, he won't be in a powerful position for years. He won't get another meaningful say about the program or position he's in until it's time for him to sign his second contract in the NFL.
Like I said, it sucks that it's a recruit we are so heavily involved in, but I see no reason why a kid in a position like should be cowed into signing anything before he wants to.
(And like someone else said above, I reject the argument that he should do it to "respect the coaches' time". The coaches get paid an absurd amount of money based on the entertainment value of a sport wherein a five-star kid of this caliber will only (likely) see a fraction of his net worth.)
I agree as fans he owes us nothing and the coaches are paid handsomely to deal with recruits, but what power does he really hold? He isn't holding out for a better scholarship offer since they are all basically the same. ND is one of the few that will honor it all four years so from that standpoint we should be a logical pick. In reality, the only power he has now is simply his choice of school to attend unless a couple of schools are offering something under the table (car, money, coaching position for brother, etc.).
He has every right to decide on his own time frame, but this is not passing the smell test.