(CBS) The Cubs have signed first-round draft pick Kyle Schwarber for $3.125 million, according to MLB.com beat writer Carrie Muskat, which is significantly below the slot value for the No. 4 overall pick.
At that value, the Cubs saved nearly $1.5 million in their pool of bonus money, according to MLB.com senior writer Jim Callis, which can now be used to further entice other draftees that they want to sign.
Jim Callis (@jimcallisMLB) June 11, 2014
Under MLB’s draft system, teams only have an alloted pool of money to spend, with each pick in the draft getting a “slot” value. If a team signs a player under his slot value, they can use that money to sign other players over slot value.
In the Cubs’ situation, they drafted several high-upside high school pitchers who are committed to colleges and may be difficult to sign, and that extra money could go toward them.
The 21-year-old Schwarber, a catcher/outfielder, was considered the top collegiate hitter in the draft after posting a slash line of .358/.464/.659 with 14 homers and 48 RBIs last season at Indiana. He will report to short-season Single-A Boise, which opens its year Friday.