Unsigned Draft Picks
I have a quick question about the new August 15 draft pick signing deadline. My understanding is that if a draft pick is unsigned after that date, the team that drafted him can no longer sign him. If a player is a high schooler or underclassman, they would go back into the draft the following year. If a player was a college senior, do they become a FA and can be bid upon by all teams? If so, are there any 1st-2nd round (or other high profile) college seniors that are still unsigned? Could they possibly intentionally not sign until after the deadline in hopes of becoming a free agent and allowing the bidding process to up their contracts? Or am I just thinking too conspiratorially about this?
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Conspiracy Theory
The new deadline basically means that most players that will sign above slot will do so at the late minute. I would not worry about guys not signing, as we are likely to hear a slew of signings during the 3 - 4 day period leading up to the 15th.
As far as eligibility is concerned, yes, teams must sign their picks by Aug 15 or lose the ability to sign that player until the next year's draft (where they could theoretically pick that same player again, assuming said player is eligible for the draft).
For the HS seniors, once they step foot on the campus of a college, they lose their draft eligibility for 3 years (or until age 21, whichever comes sooner). A kid like Porcello could technically sign with an independent league team, pitch for a year, and get drafted again. But those that do not sign are likely to go to college.
For college underclassmen, if they were eligible this year, they will be eligible next year (most likely as a Senior).
For the college seniors, this is where the rules get a little fuzzy for me. I believe they would need to go to independent ball for a year, then wait to get re-drafted.
The way I understand it, if you are drafted, you are not eligible for "free agency" for 1 full year. That's why Seniors that get drafted usually sign at slot - they have practically no leverage whatsoever.
You're Right
Well...
I think the rule is really once they step foot in class they lose their eligibility. Not a lot of difference, but a guy like Chad Jones, who would play football if not signed, would be on campus a lot sooner than he would start classes. Anyways, that's the way I remember the rule.

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