A little too much is made of the tendenitis, in my opinion. Many pitchers pitch with some soreness in their arms every time they pitch. You could say that half the starting pitchers in the minor leagues are pitching with some tendenitis. Only Leake knows how much it is bothering him. If it is bothering him enough that he starts changing his delivery/arm angle, putting stress on other parts of his arm (especially the elbow), then you have a problem.
I would be more concerned with simply the number of innings he has thrown this season, and that total is quite high. College baseball is a different world. Guys throw 160 pitches in a college game, then turn pro, and see their pitch limit cut to 90. Matt Fairel told me his pitch limit at Florida State was 140. I think the Serrano kid the Reds drafted out of Oral Roberts threw 168 pitches in his last start (against Arizona State ironically).
I don't expect to see Leake sign until a few hours before the deadline. He has thrown his last inning until instructional league, and he won't throw many there either.
College coaches have different priorities. Some are more abusive than others, but they all are paid to win games. They are not in a developmental situation. They would tell you that if they thought it was hurting the kid to let him throw 140 pitches, then they wouldn't do it. They are convinced that what they are doing is ok. I do know this: The game Pat Murphy was trying to win was as important to him as it was to Charlie Manuel for the Phillies in the World Series last October.
I remember, years ago, a kid from my hometown threw 180 pitches in a game in the college world series and then made a relief appearance THE NEXT NIGHT for that team. That was total craziness. That coach is in the top 10 all-time in career victories in college baseball. Different world. Different priorities.