12:28pm: MLB.com's Adam McCalvy confirms the deal and adds that it includes a $1.2MM bonus, which is in line with the commissioner's recommendations. Arnett will report to Rookie league after the weekend to begin his pro career.
11:30am: Eric Arnett, the Brewers' first round pick, has agreed to a deal with Milwaukee. His Twitter says he's now officially a Brewer. MLB.com has video of the college pitcher in action.
Tom Haudricourt suggested Arnett would sign today.
