Teams have two years to sign their draft picks or else they lose their rights. Players can either become a UFA or can re-enter the draft if they are 20 years old or younger when the subsequent draft occurs.
Kuznetsov just signed a 2-year extension to stay in Russia for more money than an entry-level deal pays and so he can play in the 2014 Olympics (the NHL is considering not allowing NHLers to play). He has also made it clear that he is not even considering the NHL until that deal is up. Since he was drafted in 2010 he will be an NHL UFA if he doesn't sign with the Caps by this year's draft. Looks like the Caps are going to lose his rights.
If/when he does sign, Kuznetsov will go straight ot the NHL. He is one of the best players in the world currently not playing in the NHL .