First-Year Player Draft (MLB Rule 4 Draft) Negotiation List
Players selected in the MLB First-Year Player Draft (MLB Rule 4 Draft) are placed on a club's Negotiation List.
In most cases, a player selected by a club in the Rule 4 Draft will remain on the club's Negotiation List until either the player signs, or until 5:00 PM (EDT) on the Friday that falls during the week July 12-18 (whichever comes first), and if a club does not sign a Rule 4 Draft pick by the deadline, the player is removed from the club's Negotiation List and becomes eligible for selection again in the next Rule 4 Draft. The exception to the rule is any college senior with no baseball eligibility left. This class of player remains on the club's Negotiation List until the player signs or until one week prior to the next Rule 4 Draft (whichever comes first).
Also, any player eligible for selection in the Rule 4 Draft who is not drafted ("Non-Drafted Free-Agent" or "NDFA") can sign with any club at any time up until one week prior to the next Rule 4 Draft, unless the NDFA has high school or college baseball eligibility remaining and enrolls in a high school, junior college, or four-year college subsequent to the Rule 4 Draft, in which case the player cannot be signed any earlier than the day after the conclusion of his school's baseball season (presuming the school's baseball season concludes at least one week prior to the next Rule 4 Draft).
Beginning in 2012, a player selected in the MLB Rule 4 Draft or a NDFA cannot be signed to a Major League contract.
A club is not permitted to select a player in the Rule 4 Draft two years in a row, unless the player gives his approval in advance.
CUBS NEGOTIATION LIST:
Austin Pentecost, RHP (29th round pick in 2012 MLB First-Year Player Draft)
NOTE: Pentecost will remain on Cubs NEGOTIATION LIST until one week prior to 2013 MLB First-Year Player Draft (MLB Rule 4 Draft) or until he signs with Cubs, whichever comes first