The concept of signal-free management at road junctions is tailored for Connected and Automated Vehicles (CAVs), in which the conventional signal control is replaced by various right-of-way assignment policies. First-Come-First-Served (FCFS) is the most commonly used policy. In most proposed strategies, although the traffic signals are replaced, the organization of vehicle trajectory remains the same as that of traffic lights. As a naturally signal-free strategy, roundabout has not received enough attention. A key motivation of this study is to theoretically compare the performance of signalized intersection (I-Signal), intersection using FCFS policy (I-FCFS), roundabout using the typical major-minor priority pattern (R-MM), and roundabout adopting FCFS policy (R-FCFS) under pure CAVs environment. Queueing theory is applied to derive the theoretical formulas of the capacity and average delay of each strategy. M/G/1 model is used to model the three signal-free strategies, while M/M/1/setup model is used to capture the red-and-green light switch nature of signal control. The critical safety time gaps are the main variables and are assumed to be generally distributed in the theoretical derivation. Analytically, I-Signal has the largest capacity benefiting from the ability to separate conflict points in groups, but in some cases it will have higher delay. Among the other three signal-free strategies, R-FCFS has the highest capacity and the least average control delay, indicating that the optimization of signal-free management of CAVs based on roundabout setting is worthy of further study.