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How will this work?
"If you successfully defeat the Raid Boss within the five-minute time limit, you’ll have the chance to catch an extra powerful Pokémon of your own!"
I doubt Niantic will let trainers walk around with 25,000 CP Tyranitars in their bag. Perhaps the raid Pokémon will split off into regular versions of itself upon defeat, giving all the trainers who fought a chance at catching it (up to 20)? Thoughts below.
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I think you will have the chance of catching a last for evolution after the raid if all the players fighting succeed taking it down on the given time.
I am not thinking about legendaries, but of random evolved forms that are rare normally in the wild, like Charizard, Alakazam, Dragonite, Blissey, Golem, etc...