BOOM: Cubs Agree to Terms with Top International Prospect Eloy Jimenez ($2.8 Million and College Tuition)

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.

Brett Taylor is the editor and lead writer at Bleacher Nation, and can also be found as Bleacher Nation on Twitter and on Facebook.

190 responses to “BOOM: Cubs Agree to Terms with Top International Prospect Eloy Jimenez ($2.8 Million and College Tuition)”

  1. Rebuilding

    We will be fine. There is a ton of slot money out there still and plenty of teams who would rather get a fringy prospect than to just lose it. A lot of these deals have been “agreed” to but not signed. We aren’t over now officially and won’t be when it’s all said and done. I expect us to do the same next year. It’s one of the few avenues left to gain an advantage

  2. Die hard

    Have to cut somewhere — how about the Junk-O-Tron ?

  3. Die hard

    Hard to keep interest in millions being paid for owners fantasies when a Vietnam like coup just happened with our help in Egypt- stay tuned

    1. EvenBetterNewsV2.0

      Then why don’t you post on the Egypt board. This is a Cubs board. So that is why there is interest in that.

    2. Dynastyin2019

      you should head over to huffington post to keep track then. let us know what you learn.

      1. Die hard

        You don’t recall Baseball being curtailed during WW2– in that respect what’s going on there is very relevant — will be a halt to Wrigley renovation and paying all these millions to kids who haven’t shaved yet

        1. Oswego chris

          I thought the riot in Egypt was in regards to the Feldman trade?

          1. Die hard

            You’re getting a 10 min timeout for anti- Semitic slur — starting now

            1. Oswego chris

              Not sure what u mean by that exactly…it’s just a bit of a leap to compare the Egypt situation to WWII…

              Back to the Cubs, I wouldn’t fret about the international cap…

            2. Scotti

              I missed both the Semitic and slur part of that but there was plenty of anti…

              1. Cyranojoe

                Feldman’s Jewish, so there’s the Semitic. (Heh, check this out, from Wikipedia: In 2009, Feldman was named the Jewish Major Leaguers Pitcher of the Year, in a year in which he had more wins than any other Jewish pitcher since Steve Stone in 1980.)

        2. EvenBetterNewsV2.0

          Comparing Egypt to WW2? Really? They were fighting in Europe long before baseball was cancelled, and it was only due to the draft. Plus, I am on Bleachernation, not Huffington Post. If I wanted to discuss what is going on in Egypt, I wouldn’t have come to a Cubs board. Make sense? FYI, you might want to do some catching up on your History. Europe was in a power struggle for 10 years before WW2 due to Britain, France, and US not being able to follow through on the Treaty of Versailles. 10 YEARS and all of Europe was on pins and needles fully aware of where they were headed. This is not WW3. This one country as of now that has absolutely zero to do with IFA or the Wrigley Renovation or WW3. God, not only do you make little sense, you are also a drama queen.

          1. Die hard

            The war started with a coup in Germany after years of bad economy– try that parallel analysis

            1. Johnny P

              Ok guy. Egyptian Coup. WW3 is coming. We should stop worrying about the international signing period. Got it. Moving on.

            2. EvenBetterNewsV2.0

              That is actually wrong Die Hard. Hitler won the seat in Germany with a Democratic vote. So, again like usual, you are wrong.

          2. Luke

            Baseball wasn’t cancelled for WW2. Many players left the league to serve, but the game itself kept going for the most part.

            1. Bric

              That’s true. However there are no automobile models from around August of 1942 until 1945 because of the war effort. Also, there’s a pretty cool thing called a “steel” penny which is from 1943 because of the shortage of copper also due to the war. Just some fast facts.

          3. Bric

            Well, the Treaty of Versailles put a crazy amount of debt on the losing nations (especially Germany) specifically by France and Belgium in war reparations and also cut Japan (who was on the allied, or triple entente side) out of the spoils of war which lead to animosity toward the west. Then the stock market crashed plunging Europe into unemployment and unrest. Also the decision to intern the German navy at Scapa Flow and demilitarize the Rhine and Saarland Regions created a military gap and inbalance in control of the central economic regions of Western Europe. Right about this time Italy was looking to extend its African hedgemony which led to the invasion of Ethiopia in 1934. Haile Salasi then showed that the League of Nations had no real power to enforce its own laws which led to a vacuum in power among several former world powers, specifically Spain and the autonomies of the Balkens. in other words, the causes of World War II are vast and complicated and really don’t belong on this web site. And yes, I’m a history geek and love discussing these things. Sorry if I got off track. Go Cubs!

            1. Jono

              I love history. It never bores me. Ill read everything you write about any history.

    3. BT

      And yet here you are

    4. Internet Random

      “Hard to keep interest in millions being paid for owners fantasies when a Vietnam like coup just happened with our help in Egypt- stay tuned”

      Apparently the coup isn’t enough to distract you from trolling BN.

  4. Mr. Brent Kennedy

    Apropos of nothing, since I voted for Baez to the Futures Game, apparently not enough times however, Milb sent an email for a free four day subscription. I’m watching the Kane County Cougars. Very cool to see some of guys in action that are talked about heavily. Also very cool for Milb to do this.

  5. Brandon

    What about the PTBNL trades they made earlier this year? Could a deal have been worked out that we get slot money or not? This might explain their willingness to go over.

  6. Rebuilding

    I do wonder if our new Dominican facility had anything to do with Jimenez *reportedly* be willing to take a little less money from the Cubs. I’ve heard it’s impressive as hell and I would imagine its sort of like college recruiting (including the money) where facilities matter

    1. Jono

      Thats what I thought. It’s easy to understand why a 16 year old would prefer to sign with a club with which he could initially stay in his home country instead of moving to the US (assuming he’d have to move here if he signed with the dodgers. Maybe the dodgers have a facility tether, too, albeit an inferior one)

  7. Johnny P

    Die Hard.
    I never comment on this board. Ever. With that being said, I’m so sick of reading your borrish comments that obviously leave you with a false feeling of a higher intelligence than average cubs fans. You’re clearly the guy that sits behind me in the bleachers, not paying attention to the game, trying to impress 16 year old girls with your self righteous world views. There’s a game going on, do you even know the score?

    1. Die hard

      Haha– I know you’re my brother in law … You’re not invited to Thanksgiving this year.. Now what are you going to do– nobody else will have you

      1. Johnny P

        Good. Now I can watch football instead talk peace in the Middle East.

        1. Die hard

          Like ur sense of humor if not my brother in law… Still not invited tho

  8. Oswego chris

    Non international question, are the Cubs going to wait to bring up Arrieta until they are assured he won’t be a super 2?

    1. Jason Powers

      Probably not a bad idea…fine tune in the minors this year. Don’t need him in the bigs in 2013, he’s been to the show, the movie was a bit rough.

      1. Oswego chris

        I will check out his service time and come back to the board when DH is done teaching history….

        1. Jason Powers

          The Economic Consequences of the Peace – John Keynes – or was it DH who wrote it?

          1. Scott

            ha!

        2. Oswego chris

          Okay, so after a quick trip to the MLB union site…Super 2 is determined by service time and where a player ranks in his class of guys I guess…I didn’t feel like thinking to hard to really delve into it…

          How about this though, union dues for MLB are $65 a day during the season, no wonder it is the greatest union in the history of the universe

          1. TonyP

            I saw it posted somewhere. He needs like 53 days of service time to get to Super 2 or something like that. I will try to find it…

            1. TonyP

              Arrieta currently has two years and 99 days of Major League service time, so he needs 53 days to be eligible for Super Two status after the season and 73 to be eligible for free agency after 2016 rather than ’17.

              1. cubchymyst

                should of refreshed my screen after I walked away for a while

            2. cubchymyst

              That was on MLBtraderumors. It said 53 days till Super 2, and if he gets over 73 days he qualifies for free agency in 2016 instead of 2017.

  9. dhard84

    Wow, love the frenzy of all this if I am nervous about the penalty

    Not sure if it’s been said, but one more aspect of finalizing the deal per Carrie Muskrat is that players need to pass a physical before a deal is finalized.. Maybe they delay that on a technicality and try to fill the pool back up? Or maybe next year’s crop just doesn’t look strong and they’re going for it all now?

    1. Johnny P

      Oh good point. That gives them a window to expand the pool. Maybe the physicals aren’t for a couple days.

  10. Jason Powers

    Just doing some old (new for me) reading on the Cubs Academy holding a max of 80 prospects. Since I am not any D.R. expert, how many did we add recently, and how many did we have all ready?

    Nice to see Theo & Co. following their prior example from Beantown, building another training center for 8 million with considerable housing, education and dining centers. (After the Cubs were lambasted by Time in 2010 for appalling, Apple-like conditions for their Chinese workers.)

    1. Scotti

      The Times piece was overblown. The players were not all cramped into one room so they had to sleep on the floor. They each had their own beds but, like my son, preferred to hang out with their friends and sleep on their buddy’s dorm floor–this won’t change with a multi-million dollar facility either. Kids are kids.

      That said the Cubs field two DR teams. The facility can hold 80 but the teams cannot.

      1. Jason Powers

        I understand that – boys being boys.

        But imagine is imagine. Bad press, tweets, slurs, etc. all have reverberations. Not all people follow the Cubs as closely, so they only remember what they last saw, heard, etc. How many people go to their doctor or some other waiting room, pick up a Time, and that just happens to be the issue they see? Do they follow up on that story? Prob not.

        Personal Aside: I had slipped too on my Cubs knowledge from 2010-2012 as my mother had brain cancer (like Gary Carter) and fought a losing battle. Her Life inserting itself into all corners of my meaning of what that is – garnering any enjoyment, even from Cubs games, was hard for both of us. (She loved her Cubbies, and wore a Cubs cap after her brain surgery very often.)

        The Cubs seem to have repair plenty of image issues at THAT level. Still a ways to go before the new image gets us to our goal. D.R. is a start…

  11. Jackalope

    Is it possible the Cub’s strategy all along was to go nuts on high end talent this year, screw the overage, and go nuts on quantity next year? The overage tax is no biggie in the grand scheme of things, and perhaps you sign tons of low-tier guys the following year when you can’t exceed $250k, hoping you’ll find a couple diamonds in the rough.

    Will be interesting to see how things pan out.

    1. David

      If that was their strategy all along, there would’ve been no reason for them to trade for cap space yesterday. So, no, I don’t think that’s their plan.

      1. Cyranojoe

        Good point.

    2. Rich H

      Then why trade for extra space?

    3. Rebuilding

      No, I think their strategy is to sign the very best players they can within the absolute hard cap of overage and trade parts that they don’t need (or as pieces of larger deals) in order to do it. They think they have found an inefficiency in the current IFA rules because teams like the Marlins and Astros won’t spend their money. They won’t go over, they won’t pay a penalty and they won’t trade anyone who will make an ounce of difference to this team in 2 years. And then they’ll do the same thing next year

      1. TonyP

        exactly

  12. Pat

    I would think the 250k for tuition has to factored into the total spending and will need to be made up for as well. If not, what would prevent a team for signing a guy to 1 million officially, but then buying him houses and cars in addition. If there actually is a loophole in the agreement where something like that doesn’t count, it’s a pretty huge loophole and pretty much would negate the entire point of having spending pools.

    1. Jackalope

      Yeah, that was interesting. Where exactly is he planning to go to college, by the way? I know college is crazy expensive these days, but sheesh!

  13. AD

    Orioles have to be very pleased with Feldman’s line tonight. Although it was against the White Sox (insert joke). Hopefully Garza can do the same tonight!

  14. North Side Irish

    ChicagoCubsOnline (@TheCCO) tweeted at 8:20 PM on Wed, Jul 03, 2013:
    RT @dSoldevila: Eloy Jimenez’ agent denies a report from http://t.co/oobxXIsRIj that says he signed with the Cubs #July2nd

    1. North Side Irish

      Probably just semantics…he has agreed but not signed. Gives Cubs time to acquire more pool space.

  15. Dustin S

    Dionisio Soldevila ‏@dSoldevila “Eloy hasn’t signed with anyone yet”, says Amaury Nina, Jimenez’ agent

    My guess is it’s not a real problem though and just legal maneuvering.

    Back-to-back-to-back homers at Iowa just now btw (Nelson-Lake-Wright).

  16. AD

    Iowa Cubs just hit back-to-back-to-back home runs. One of which was hit by Junior Lake. Pretty Neat!

  17. 5412

    Hi,

    I suggest we give the big boys the benefit of the doubt for the moment. In the NFL a lot of teams have a “capologist” just to make sure they stay within the rules. I can’t imagine the Cubs getting blindsided on this one.

    Seems clear to me they wanted to stock the organization with international kids that may pay huge dividends in ten years. That is long term panning, something we have not seen as Cub fans before. For less than $10 million they may have made a big impact down the road. Do that each year and we will be loaded..

    Regards,
    5412

    1. Jono

      Sounds like a great strategy

  18. Dustin S

    I am a bit curious about the actual rules surrounding going over the cap. Is it that they can’t go over the cap at any time, or is it just that they have to not be over the cap as of “x” date?

    If it’s the former, that would explain him not officially signing yet pretty simply. But if that were the case the Cubs should also hurry up and get some pool money so they can make it official.

  19. Die hard

    Speaking of Latin players Manny is back.. Sort of… Conspiracy theory— allowed back by Bud to show those about to be suspended that there is salvation for those willing to pay the price— so transparent … Guess boom to be lowered soon .. Likely after AllStar game so as not to tarnish the ritual.. So transparent

    1. Carew

      ooorrrr the rangers are taking a shot in the dark at a player who was a great hitter regardless of roids

    2. Cyranojoe

      When was he officially banned by baseball? I missed that one…

  20. Rebuilding

    What Chris Davis is doing this season is amazing. And who knows, but he really doesn’t look like he’s on the juice. His swing is effortless, almost as pretty as Ken Griffey Jrs by a bigger guy

    1. Rich H

      Every time I see Chris Davis swing I want to go find Gregg Maddox and kick him in he junk.

      1. Crockett

        What?

        1. Rich H

          When we were trying to trade Lilly there was a deal on the table for Davis and some other pieces. Maddox gave Hendy bad advice on guys he had knowledge of in LA. So Hendry went with the LA trade for Lilly and Davis ended up being traded for basically a replacement level reliever the next season.

    2. Die hard

      I have a bridge for sale- interested?

      1. Rebuilding

        LOL. Let me stay naive and innocent DieHard. All of your war talk is scaring me. If they cancel the rest of the season because of the Egyptian coup I’m going to be bummed

        1. Die hard

          It is what the coup can lead to…. Think Iran and Syria

  21. LEO R.

    Brett,

    Just went to Make a Wish and made a donation. That was a wonderful idea you had. I hope you get the total you’re looking for. I always look forward to your Blogathon. I’m hoping for some good trades and good young talent coming to the Cubs this year.

  22. AD

    Saw that Skaggs has been discussed in a possible deal for Gallardo. I don’t think I’d do that if I were Arizona. Gallardo reminds me too much of Ubaldo Jimenez. Great for a couple of years and then downhill fast.

  23. J

    Seeing on twitter that the brewers are closing in skaggs for that no talent clown yovani gallardo. I think I’d have a stroke.

  24. Rebuilding

    That extra year of control for Gallardo means a lot, but if Arizona does that then wow. He has looked like all of the innings finally caught up with him this year. And before this year he’s basically been Matt Garza

  25. Kramden

    Archie Bradley is the gem of their system. Skaggs seems over-rated to me.

  26. B_Scwared

    I’m going to assume a trade(s) is coming to get more intl spending money and if so I think it would be a role player, someone drafted by the prior regime and/or someone that is blocked (extra incentive for players occupying 40 man spots with now questionable future):
    -Ransom
    -Borbon
    -McNutt
    -Guerrier
    -Sappelt
    -Bowden
    -Bogusevic

    Potentially with something else coming back
    -Brett Jackson
    -Vitters
    -Sczur

  27. Cheryl

    There might be more than one traded. Sappelt or McNutt seem logical for the first group. For the second, I would assume Jackson or Vitters

    1. Serious Cubs Fan

      I hope not McNutt or Vitters. They may never turn out to the guys we once thought they could be but they have value and I think have potential to be a big league contributors.

      1. Serious Cubs Fan

        I hope we wouldn’t just trade Vitters for IFA money. It have to be a big slot and some. The guy hit over .300 last year and the guy was only 22. He still has potential. If were going to trade for IFA money trade someone like Bowden, Ransom, Borbon, Guerrier, Sappelt, Bogusevic. Guys that are spare parts (not to be a shot, but they can still contribute)

  28. Kramden

    Gotta be some team out there licking their chops over Garza right about now thinking that he’s that one available pitcher that can get their team into the playoffs and also thinking they can always draft or develop another great prospect, but winning now secures some GM’s job or gets that GM a new contract.

    The Cubs are going to get a true gem for Garza from some desperate team.

    1. Serious Cubs Fan

      They’ll be licking there chops and not showing it. I have a feeling Garza doesn’t get dealt till the deadline bc teams will play hardball and not want to give up big or significant pieces to acquire him. But I do think we’ll get at least one pretty good piece out of a Garza trade. I just hope someone is stupid enough to give us a really great piece (doubtful though).

      1. Kramden

        Maybe, but I’m inclined to feel that this was Garza’s last start as a Cub.

        Especially the way he’s pitched against a contending AL team tonite.

    2. Jono

      Would it be accurate to assume that the pitcher they get in return for garza will automatically be the best pitching prospect in their system?

      1. Serious Cubs Fan

        It depends. Do you think Garza could net us a guy like Aaron Sanchez, kyle zimmer, Matt Barnes or any pitcher of that caliber? I don’t think anyone is willing to give up a stud like that for a rental, even if its a stud like Garza. I would be absolute thrilled if we could get a guy like that. I think we’ll get a guy in the top 75-100 prospect range though.

        1. Jono

          I didn’t think the cubs had a top 100 pitcher

          1. Serious Cubs Fan

            Yeah the cubs don’t have a guy in the top 100 for pitching but I was more or less gauging off ceiling. Visciano/Pierce Johnson I think have ceiling of getting in the top 75-100 once Visciano can prove he’s healthy/effective. Pierce Johnson is just unproven and with in time I think he could get there. But I’m no prospect expert, nor do I claim to be. I’m just going off of the games I’ve seen him pitch and what I’ve read from experts. Prospects are a complete crap shoot

            1. Jono

              Ah, gotcha

      2. Kramden

        Best pitching prospect in their system?

        That wouldn’t be such a tough feat to accomplish

        1. Jono

          Exactly. I have no idea how to estimate trade value, and even I feel safe making that assumption

  29. Adam

    Garza’s value is surging. Only other pitcher I can see being a bigger acquisition would be Cliff Lee but that comes with a $60 million dollar salary attached.

    Take Garza to the deadline, let teams have their fanbases drumbeat grow, and let someone overpay to get him.

    No way that the Brewers nab Skaggs for Gallardo and we can’t sniff a top prospect for Garza.

  30. John

    Why is Garza still in the game? Dale you are an Idiot!!!

    1. someday...2015?

      Could be teams who want to trade for him want to see him go deep into a pitch count/game…

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