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dominican flagWell how about that.

Not 20 minutes after writing up the Chicago Cubs’ latest international signing, they’ve gone and topped them all by agreeing to terms with 16-year-old Dominican outfielder Eloy Jimenez, the top prospect on the international market, according to Baseball America and MLB.com. The signing was reported by Jesse Sanchez, who late last night reported that Jimenez had decided to sign with the Cubs.

Jimenez is receiving a $2.8 million signing bonus plus $250,000 in college tuition, according to Sanchez. I don’t believe the latter portion is subject to the international spending pool, but, even if it isn’t, the Cubs appear to now be in the red, even if you consider the pool money they added yesterday, as well as the 5% overage they’re permitted before being exposed to serious penalties. As I explained earlier:

After signing Torres, Moreno, and Mejia for $3.35 million, and after netting $963,000 extra to their $4,557,200 bonus pool yesterday via trades, the Cubs had about $2,446,210 left to spend, after considering the 5% they can go over without incurring dramatic penalties. With Matos getting $270,000, the Cubs are down to approximately $2,176,210, give or take a few bucks.

Thus, ostensibly, the Jimenez signing would put the Cubs way over their limit. In fact, they’d be so over the limit (more than 15%, by my quick calculation) that they’d be exposed to the most severe penalty: a 100% tax on the overage and (worse) the inability to sign any prospects for more than $250,000 for the next signing period.

I’m not sure that is what’s going to happen when this all shakes out, though. Or at least I hope.

My understanding is that a team cannot trade for bonus pool money if it is already in the red. That said, because the Cubs added pool money just yesterday, fully knowing that this Jimenez deal was going to happen, I’ve got to assume that they have their ducks in row. In other words, if the Cubs knew they were going to blow the budget by 15% anyway, and would be unable to make any more trades for pool space, why add any pool money at all yesterday?

How they work this remains to be seen. I’m assuming some of the “signings” aren’t official yet, including maybe this one. Presumably, then, the Cubs will add more pool space at some point before finalizing one or all of these contracts. I suppose that means teams know the Cubs are now very, very in the market for bonus pool money, but hopefully the Cubs have already prepared for that perceived weak negotiating position. Perhaps they already have a deal in place for a certain amount of bonus money (which was an amount that made the $210,000 they traded away with Carlos Marmol superfluous). Sure would explain a lot.

Once the dust settles, I’ll have more on the prospects, themselves – especially Jimenez.

UPDATE: Doing some quick math and speculation that could totally be wrong, if the Cubs need to add about $650,000 in pool money to sign Jimenez and everyone else without going more than 5% over their pool, they’ll need to acquire one of the top 17 slots (the White Sox are at $666,100). Lots of potential trade partners up there, but the slots also rapidly get huge. Since you can only increase your bonus pool by a maximum of 50% (so, an addition of about $2.25 million for the Cubs, who’ve added $936,000 so far), I’m a little concerned that the Cubs are going to now have to trade for a slot that is much larger than they can actually use (and the other team is going to want the Cubs to pay commensurately). If the Cubs want to increase their pool to the maximum they can, without “wasting” too much money for which they’ve traded, we’re looking at the Blue Jays ($1.222 million), the Royals ($1.381 million), the Red Sox ($1.565 million), or the Marlins ($1.763 million) in that range. Some of those teams have probably already used up their money, but you get the idea. Maybe the Cubs have already worked out a prospect for pool money swap with the Marlins?

UPDATE to the UPDATE: As Alex points out in the comments, the Cubs could also add a combination of lower slots to make up the money – le duh. Sorry for the haste. The rest of the update is still a little interesting to think about, I suppose. But, yeah, the Cubs could have deals in place to add lots of smaller slots, not just one big slot.

OBLIGATORY DRAMA UPDATE: Jimenez’s agent is apparently denying that a deal is done, but that’s actually consistent with everything we know so far. I doubt a deal is finalized, and that could be all the denial is about. I’m not concerned at this point.

  • Serious Cubs Fan

    Theo and Jed must be cursing right now!! What is Garza doing pitching right now? Selfish managing move. Preserve health and value!!!!

  • ripitrizzo82

    U cant sell a car if its siting in a garage

    • http://www.bleachernation.com Luke

      Sure you can. Ebay.

  • ripitrizzo82

    Almost every cub is a showcase showdown. Badadadadadada!!

  • Jorbert Solmora

    On BBTN, Nomar and Mulder just said they would want Garza over Lohse and Nolasco (for whatever thats worth).

  • Dustin S

    Not to read too much into things, but the Edgar Gonzalez signing seems like a bit of a red flag to me. Iowa already has 3 middle IF in Watkins/Murphy/Lake. Plus Edwin Maysonet has been on the DL since June 18 and should be coming off fairly soon which will add one more. So signing yet another (35 year-old) middle IF in Gonzalez to give them 5 is kind of odd unless it’s to prepare for a later trade. Barney is the name that jumps out to me, or possibly Lake. Just something to ponder.

    • http://www.bleachernation.com Luke

      Lake really isn’t a middle infielder any more. He’s fairly exclusive to 3B and OF these days.

  • ripitrizzo82

    I had u buddy buy a 4 wheeler off ebay. All he got was the picture. No bull. They sent him a framed picture of the atv.

  • ripitrizzo82

    Barney need to go anyway. He couldnt hit his way outta a wet paper bag.

  • cubsin

    One correction: The Cubs now have one DSL team and one VSL team, so 80 beds at the DSL complex should be plenty.

    Also, the $963,000 or so pool money acquired by trades would reduce the 100% penalty for exceeding the 5% limit by $963,000. I fully expect them to acquire additional pool money now that they know exactly how much they need, but even if the don’t they’d reduce the penalty by adding more pool money. If they got under 10%, it might drop the tax to 75% (or it might stay at 100%). But we’d also be allowed a higher maximum bonus next year (I think $500,000 instead of $250,000).

  • Rich

    Gorden W. at Suntimes…said there is an agreement, just dotting the i’s and crossing the t’s …
    he said that this morning…

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