Major League Baseball (MLB) always looks forward to adding the most talented baseball players to its teams. For this reason, it uses the MLB Draft every year so college and high school baseball players can get an opportunity to become professionals in the league.
The MLB Draft indicates the mid-way point of the MLB season along with the MLB All-Star game and other events. The league has introduced a lottery system that determines which team will get the first overall pick in the draft for the year. Moreover, it also chooses the next five picks of the year. From the seventh pick of the first round, the reverse order based on all teams’ rankings in the previous season is followed. The Draft goes on for twenty rounds and several new players are added by all the teams in the league. These players then begin their journey in the world of professional baseball by starting out in the minor leagues before transitioning into the majors. Notably, July 14, 2024, July 15, 2024, and July 16, 2024 are the dates of the 2024 MLB Draft.
Working of the MLB Draft Signing Bonus System
The MLB teams sign new players from high school and college during the MLB Draft every year. These new players then sign contracts with the teams and are given a bonus amount of money for signing the contract. The amount of the signing bonus can vary based on the draft position of the player as per JaxAthletics. This is done through the bonus pool of the team, which is the amount the team can spend on the signing bonuses without getting penalties.
However, if there is a highly talented player, teams can often pay him a signing bonus that is more than their slot value to get him. On the other hand, they can also play a lesser singing bonus under the slot value to a player, that is interested in becoming a professional. Signing bonuses have proved to be advantageous for the teams during the MLB Draft. It allows the MLB teams to compete with NIL deals and college scholarships and attract the top future talents in baseball to the team.
How much does a 5th round MLB Draft Pick Make?
These are the amounts that the 5th round MLB Draft picks are going to earn in the 2024 Draft as per the official MLB website -
Oakland Athletics: $510,000
Kansas City Royals: $505,000
Colorado Rockies: $500,000
Chicago White Sox: $495,400
Washington Nationals: $490,500
St. Louis Cardinals: $485,700
Los Angeles Angels: $480,800
New York Mets: $476,200
Pittsburgh Pirates: $471,400
Cleveland Guardians: $466,900
Detroit Tigers: $462,300
Boston Red Sox: $457,900
San Francisco Giants: $453,300
Cincinnati Reds: $448,700
San Diego Padres: $444,200
New York Yankees: $440,100
Chicago Cubs: $435,600
Seattle Mariners: $431,400
Miami Marlins: $427,000
Milwaukee Brewers: $422,900
Tampa Bay Rays: $418,600
Toronto Blue Jays: $414,600
Minnesota Twins: $411,000
Baltimore Orioles: $407,100
Atlanta Braves: $403,400
Philadelphia Phillies: $399,600
Houston Astros: $396,200
Arizona Diamondbacks: $392,300
Texas Rangers: $388,700
Bonus Pools for the 2024 MLB Draft
Bonus pools are notable for being the amounts that the MLB teams use to sign players after they are drafted. These are the bonus pool amounts for all the MLB teams for the 2024 Draft as per the official MLB website -
Cleveland Guardians: $18,334,000
Colorado Rockies: $17,243,400
Cincinnati Reds: $15,842,100
Kansas City Royals: $15,418,300
Oakland Athletics: $15,347,900
Chicago White Sox: $14,593,300
Pittsburgh Pirates: $14,000,500
Los Angeles Angels: $12,990,400
Milwaukee Brewers: $12,984,400
Arizona Diamondbacks: $12,662,000
Minnesota Twins: $12,209,600
Detroit Tigers: $11,921,800
Washington Nationals: $11,500,100
Baltimore Orioles: $10,920,900
Boston Red Sox: $10,521,600
Miami Marlins: $10,438,500
St. Louis Cardinals: $10,213,000
Tampa Bay Rays: $10,093,100
Chicago Cubs: $9,802,300
New York Mets: $9,572,200
Seattle Mariners: $9,543,300
San Diego Padres: $9,360,500
Toronto Blue Jays: $8,987,000
New York Yankees: $8,134,500
Atlanta Braves: $7,765,000
San Francisco Giants: $7,566,200
Philadelphia Phillies: $7,381,800
Texas Rangers: $6,997,900
Los Angeles Dodgers: $6,114,700
Houston Astros: $5,914,700
FAQ's On MLB Draft Signing Bonuses Work
A. Yes, MLB players get signing bonuses after they are drafted.
A. The highest signing bonus in the MLB Draft history is $9.2 million as of 2024. The Pittsburgh Pirates drafted Paul Skenes with his amount as the first overall pick in 2023.
A. Yes, twenty-three MLB Draft picks have gone on straight to the majors as of 2024.
A. A high school or a college baseball player can enter the MLB Draft without any fee.
A. Players start their professional career in the minors after getting drafted in the MLB Draft.
