Cody Rhodes had contact offers from both Ring of Honor and Impact Wrestling, but ended up signing with ROH because he felt the freedom the deal offered would end up being more lucrative in the end. Impact was offering a higher guarantee, but wanted to take over his independent and international bookings and take a cut of his non-Impact appearances, whereas ROH's offer allowed him to keep all of the money from working elsewhere.
ROH was fine with him continuing to work without a contract, but it was Cody who was looking to lock himself into a deal somewhere. Cody is coming up on the one year anniversary of his last WWE appearance and as many former WWE wrestlers have discovered in the past, there are usually a lot of big money offers when you first become a free agent, but right around the one year mark since you've had WWE television exposure, your value begins to drop substantially.
Rather than continue to work ROH and Impact as a free agent, Cody wanted to maximize the bidding for his services and lock himself in at the highest rate possible before inevitably offers would begin to naturally slow down as the novelty of being a fresh face on the independent circuit begins to wear off.
Cody took to Twitter last Friday to note that he has not signed with ROH (yet) after not working the Impact Wrestling tapings. On a side note, he is also still the GFW NEX*GEN Champion.