Teams have been ordered based on 2019 records:

Saitama Seibu Lions (80-62-1):

• Daisuke Matsuzaka, RHP: You read that right. Dice-K is still chugging along. The now-39-year-old veteran pitched just 5 1/3 innings for the Chunichi Dragons last year due to a shoulder injury that, according to the Japan Times, was caused by an excited fan grabbing/yanking his arm (seriously). Matsuzaka was NPB’s comeback player of the year in 2018 and is returning to the Lions, his original club, for the first time since 2006.
• Cory Spangenberg, INF/OF: Primarily an infielder during his big league career, Spangenberg is listed as an outfielder by the Lions. The former No. 10 overall pick (Padres, 2011) hit .256/.318/.389 in six MLB campaigns before signing with the Lions back in December. He’ll make his NPB debut once play begins.
• Sean Nolin, LHP: Signed the same day as Spangenberg, the 30-year-old Nolin is also slated for his NPB debut. A once highly touted pitching prospect, he’s perhaps best known for being part of the Athletics’ disappointing return for Josh Donaldson. Nolin has a 6.89 ERA in 31 1/3 innings, a 3.61 mark in 231 2/3 Triple-A frames and a long injury history. Japan could be a fresh start for the lefty.
• Zach Neal, RHP: The 31-year-old Neal has a 4.94 ERA in 85 2/3 big league frames — one as a Dodger and the rest with the A’s. He logged 100 innings with the Lions last year and turned in a shiny 2.87 ERA, which his camp hoped would lead to MLB interest. Neal’s 4.6 K/9 in NPB didn’t turn many head, though, and whatever offers he received from MLB teams didn’t top the two-year, $4MM deal he signed to return to the Lions. He’ll be in NPB through the 2021 season, at the least.
• Reed Garrett, RHP: The longtime Rangers farmhand was the Tigers’ Rule 5 pick in the 2018-19 offseason. He tossed 15 1/3 shaky innings before being returned to the Texas org. The 27-year-old will hope to follow similar paths to those of Chris Martin, Joely Rodriguez and other relievers who’ve thrived overseas and returned to MLB on multi-year deals.

Fukuoka SoftBank Hawks (76-62-5):

• Tsuyoshi Wada, LHP: Wada, 39, signed with the Orioles back in 2011 but never pitched there due to injury. He latched on with the Cubs for the 2014-15 seasons, though, and tossed 101 2/3 innings of 3.36 ERA ball before returning to Japan. He was excellent in his 2016 return but has battled injuries since. He logged a 3.90 ERA in 57 2/3 frames when healthy last year.
• Matt Moore, LHP: Moore surprised quite a few people by signing in Japan this winter, but the $3.5MM guarantee and $2.5MM worth of incentives he secured may well have been more than a team would’ve paid him coming off a season lost to knee surgery. Heralded as a potential ace at his prospect peak, Moore impressed with the Rays from 2011-13 but never fully regained his form after 2014 Tommy John surgery.
• Rick van den Hurk, RHP: Now 35 years old, Van Den Hurk hasn’t pitched in the Majors since 2012. That’s due largely to his emergence as a high-end starter in the KBO from 2012-13, and the success he enjoyed there led him to his current starring role with the Hawks. Over the past four years, the Dutch righty has a 3.50 ERA and nearly 10 strikeouts per nine innings through 483 frames.
• Dennis Sarfate, RHP: It’s been more than a decade since Sarfate last pitched in the big leagues, but the righty hasn’t felt any inclination to return. He’s one of the all-time great relievers in NPB, having pitched to an immaculate 1.57 ERA with 234 saves, 11.9 K/9 and 2.6 BB/9 since arriving in 2011. Not bad for a former ninth-rounder with a 4.53 ERA in 119 MLB innings!
• Wladimir Balentien, OF: Yes — the Hawks’ roster is a veritable who’s who of obscure, 2009-era big leaguers. Balentien last saw MLB action in ’09, and like Sarfate, he’s become a star in Asia. Balentien spent nine years mashing for the Yakult Swallows, as evidenced by a .273/.378/.558 slash and a whopping 288 home runs to date in NPB. The Hawks shelled out a two-year, $10MM deal — considerable money in Japan — to sign the 35-year-old.
• Alfredo Despaigne, OF and Carter Stewart. RHP*: Neither player has ever appeared in MLB, but both are known names. Despaigne is one of the most prolific sluggers in the history of the Cuban National Series, and the 33-year-old has continued to rake in Japan. Stewart was a first-round pick who opted not to sign with the Braves in 2018 after concerns arose in his physical. He instead signed a six-year, $6.2MM deal to head to Japan. He spent last year in the Hawks’ developmental/minor league but could make his NPB debut in 2020.

Tohoku Rakuten Golden Eagles (71-68-4):

• Kazuhisa Makita, RHP: The submariner’s two-year deal with the Padres didn’t pan out as hoped, and Makita is back in NPB for the 2020 season. He previously starred for the Lions, logging a 2.83 ERA in seven seasons of relief work, and could have another few good years in his NPB career at age 35.
• JT Chargois, RHP: A second-round pick by the Twins in 2012, Chargois dealt with injuries and never solidified himself either in Minnesota or with the Dodgers. He’s been lights out in his minor league career (1.90 ERA in Triple-A) but hasn’t come close to that in the Majors (4.58 in 76 2/3 innings). The 29-year-old will make his NPB debut in 2020.
• Alan Busenitz, RHP: Another former Twins reliever, Busenitz gave Minnesota 31 2/3 frames of 1.99 ERA ball as a rookie but posted some troubling peripheral marks. He indeed regressed the following season, when he was hammered for an ERA and FIP north of 7.00. Busenitz dominated for the Eagles last year, though, recording a 1.69 ERA with 7.7 K/9 against 3.4 BB/9. He’s still only 29, so perhaps an eventual MLB return can’t be ruled out.
• Zelous Wheeler, INF: Wheeler had a quick cup of coffee with the 2014 Yankees and left for Japan the next year. He’s hit .262/.339/.459 in five seasons with the Eagles. He’s coming off a bit of a down year, having batted .243/.320/.418 last year.
• Jabari Blash, OF: Known for his light-tower power in the U.S., Blash never found his footing in the big leagues but looks like a potential star in Japan. He bashed 33 homers last year while hitting .261/.397/.540 in his NPB debut with the Eagles. He signed a one-year deal to return to them this past winter, but perhaps he’ll eventually consider an MLB return.
• Stefen Romero, OF: The former Mariner, 31, hit a combined .268/.332/.494 with the Orix Buffaloes from 2017-19 before signing with the Eagles this offseason. If he continues to produce in NPB, there’s a chance that Romero, like Blash, could stage a big league comeback.

Chiba Lotte Marines (69-70-4):

• Leonys Martin, OF: Among the most recognizable players on this list, the 32-year-old Martin hit .244/.301/.367 in nearly 2800 plate appearances spread across five teams. He joined NPB midway through the 2019 season, hitting .232/.342/.495 for the Marines. He re-upped in December and will spend his first full season in Japan this year.
• Frank Herrmann, RHP: A former Indians and Phillies hurler, the soon-to-be 36-year-old Herrmann has spent three seasons with the Eagles. He’s emerged as a key member of the bullpen, notching a tidy 2.59 ERA with better than a strikeout per inning in 145 2/3 frames. Herrmann also picked up 18 saves in 2018.
• Jay Jackson, RHP: Jackson, 32, starred for the Hiroshima Carp from 2016-18 before making a big league comeback with the Brewers in 2019. He tossed 30 2/3 frames and logged a 4.45 ERA with the Brewers last year, but is on his way back to NPB — presumably for a solid payday given his prior excellence there (176 innings, 2.10 ERA, 9.8 K/9, 3.5 BB/9).
• Brandon Laird, INF: Laird, 32, made the jump to Japan in 2015 and hasn’t looked back. His on-base numbers aren’t much to look at, but he’s a consistent power threat who spent four years with the Fighters and is entering his second with the Marines. In 2781 plate appearances in NPB, Laird has batted .241/.314/.480 with 163 long balls.

Hokkaido Nippon Ham Fighters (65-73-5):

• Nick Martinez, RHP: Things never really clicked for Martinez in four years with the Rangers’ big league club. He turned in a 3.51 ERA in 161 2/3 frames with the Fighters in his NPB debut in 2018, though, and returned on a $2.2MM deal for 2019. Injuries limited him to four innings last year, and the 29-year-old Martinez will again suit up for the Fighters on a one-year pact in 2020.
• Drew VerHagen, RHP: The big 6’6″ righty spent parts of six seasons with the Tigers and was with Detroit up through last season. VerHagen, 29, has a 5.11 ERA in 199 MLB innings but will look for better results overseas.
• Christian Villanueva, INF: Last year’s debut campaign didn’t go as Villanueva or his team, the Yomiuri Giants, hoped. The 28-year-old former Cubs prospect hit just .223/.325/.386 in 73 games. The league still had some faith, though, as Villanueva signed a new deal with the Fighters this winter. He does have a career .263/.328/.457 slash in Triple-A, so perhaps a second go-around in NPB will be more fruitful.
• Bryan Rodriguez, RHP and Po-Jung Wang, OF*: Neither has played in the Majors, but Rodriguez came into his own in Japan last year. The former Padres prospect posted a 3.25 ERA in 91 innings of relief — albeit with a lackluster 5.4 K/9 mark. Wang, meanwhile, was one of the best hitters in Tawain’s CPBL before inking a three-year, $3.554MM deal with the Fighters last year. The first year was a flop (.647 OPS), but if the 26-year-old can tap into his CPBL form (.386/.455/.646), he might be a name for MLB clubs to monitor.

Orix Buffaloes (61-75-7):

• Adam Jones, OF: Jones shocked baseball fans when he took a two-year, $8MM deal to join the Buffaloes last December. The 34-year-old is easily the most decorated big leaguer on this list, but he found last year’s trip through free agency rather disappointing, landing only a one-year, $3MM deal with the D-backs. Perhaps not wanting to languish for another season as MLB clubs viewed him as a part-time player, Jones took a nice payday overseas and will bring some legitimate star power to the last-place Buffaloes.
• Andrew Albers, LHP: Albers, 34, had a solid big league run from 2013-17, posting a 4.10 ERA in 120 MLB frames. He was outstanding with Orix in 2018 (3.08 ERA in 114 innings), which he parlayed into a two-year, $4.5MM extension. Year one of that deal didn’t go well (5.83 ERA in 63 innings), but he’ll look to bounce back in year two.
• Brandon Dickson, RHP: Dickson pitched 14 2/3 innings with the 2011-12 Cardinals but left  for the Buffaloes in 2013. He’s become a staple on the pitching staff, logging a combined 3.32 ERA through 856 2/3 innings as a Buffalo.
• Steven Moya, OF: Once one of the Tigers’ best prospects, Moya had a nice debut with the Chunichi Dragons in 2018 (.301/.347/.441) but struggled with both the Dragons and the Buffaloes in 2019. Still just 28 years old, he’ll hope to bounce back in his third season overseas.

With that, we’ll dive into some more baseball notes out of Asia…

• The right-handed Rucinski, who will start the Dinos’ opener, appeared in the majors with the Angels, Twins and Marlins from 2014-18. He immigrated to the KBO prior to last season and wound up recording an impressive 3.05 ERA over 177 1/3 innings. Rucinski spoke with Kyle Glaser of Baseball America (podcast) about what life is currently like in the KBO, whose season will get underway without spectators. “It’s kind of weird because the fans are such a big part of the game here,” said Rucinski, who has tossed two exhibition games without anyone in attendance. That’s just one of the topics covered in their chat (coronavirus precautions and family life are also among them). The interview’s worth a full listen.
• Shifting to Japan’s Nippon Professional Baseball, Fukuoka SoftBank Hawks righty Carter Stewart discussed his experience abroad with Kyodo News and the Japan Baseball Weekly Podcast. Stewart was the eighth overall pick of the Braves in 2018, but he was unable to reach an agreement with them, so he decided to sign in Asia last year. The 20-year-old indicated that he’s pleased with his choice. “I think the baseball is fantastic over here,” Stewart said. “I really enjoy the fan base. I enjoy the people. I enjoy everything about it, so what is the driving factor for me to go back home? Maybe at some point I’ll have an opportunity to go back to the States, but I have no restraints for staying over here until I’m 50.”
• Looking ahead to major league free agency next offseason, infielder/outfielder Neftali Soto could be a name to keep in mind. Soto was a 2007 third-round pick of the Reds who has not produced in the majors, but he mashed in the minors with the Nationals in 2017 and has carried that into NPB. Since signing with the Yokohoma Baystars before the 2018 season, Soto has batted .288/.355/.594 with a whopping 84 home runs in 1,043 trips to the plate. He’s a back-to-back HR champion, having amassed 41 two years ago and 43 in 2019. Between those numbers and his defensive versatility, he could find himself on MLB teams’ radars in the offseason.

Stewart’s story is one that has already been full of surprises. After he wowed the scouts as a high-schooler, he was selected by the Braves eighth overall in the 2018 draft. However, they were unable to come to an agreement on a contract after the team became concerned about his medicals and offered him a deal so far below his slot value that it caused the MLBPA to file a grievance on his behalf. After the Braves won that grievance, Stewart ultimately decided to take the unprecedented step of signing with the Hawks in May of 2019, just days before that year’s draft.

In his post, Allen writes that Stewart only pitched to lower level opponents in 2019, similar to how drafted prospects go on to face minor league competition before working their way up to the majors. So, this will be a noticeable jump in competition for the young hurler. “Obviously, they can hit a little bit better,” Stewart says, “so maybe they’re going to put me in a little bit tougher situations, but obviously, you’ve still got to perform.”

How Stewart’s trajectory plays out from here will be fascinating to watch. His six-year contract comes with a base of $6.2MM but with incentives that can push it into the $11MM-$12MM range. That means there are a wide range of outcomes in terms of his earnings, and the consequences of those earnings could be vast. If the industry perspective is that Stewart made a wise financial decision and earned more than he would have by staying in North America, it might cause other youngsters to follow in his footsteps, or make MLB reconsider how younger players are compensated. That’s a topic which has often come up in relation to the tense relationship between the players and the league. With no games currently scheduled in North America, baseball-hungry fans can at least look overseas for an intriguing story with potentially far-reaching implications.

• The availability of catcher Omar Narvaez in trade talks can be directly linked to the Mariners’ recent extension with first base prospect Evan White, suggests Greg Johns of MLB.com (link). While that may seem like a logical leap at first glance, White’s forthcoming presence on the club’s major league roster should allow GM Jerry Dipoto to utilize Austin Nola as a backup catcher. Nola, a catcher by trade, was mostly used in combination with Daniel Vogelbach at first last season. Johns also notes that the club’s recent signing of Patrick Wisdom, though minor in nature, gives the club yet another option at first in the event of an injury to White. As explored earlier, the bat-first Narvaez should only look more appealing as a trade target as this offseason progresses; as of Friday, open market catchers Yasmani Grandal, Travis d’Arnaud, Tyler Flowers, and Yan Gomes have all been spoken for.
• Carter Stewart’s foray into the Nippon Professional Baseball ranks is covered in a recent profile from Jim Halley of Baseball America, with several interesting notes on the youngster’s on-and-off-field adjustments in Japan. Beyond the obvious cultural adjustments that a nineteen-year-old American would face in moving to Japan, Matt Skrmetta, a scout with Stewart’s Fukuoka SoftBank Hawks, relays that the right-hander is currently adapting to the league’s more contact-oriented hitters.  For those who may not remember, the 6’6 Stewart was originally the 8th overall draft pick of the Braves in 2018, although a longstanding wrist injury led the club to only offer him a signing bonus at less than half of the pick’s $4.98MM slot value. The righty spurned that offer and spent a year pitching in the JuCo ranks before a lack of interest at the top of the 2019 draft led Fukuoka to come calling with an unprecedented long-term deal.
• For the time being, the Padres are penciling in Drew Pomeranz and Kirby Yates as their back-end bullpen options, conveys The Athletic’s Dennis Lin in a recent mailbag. While there were Twitter rumblings this week that Pomeranz’s acquisition only made an offseason trade of Yates more likely, Lin notes that an extension with the 32-year-old Hawaiian is still an entirely plausible scenario. For what it’s worth, Pomeranz and Yates compiled 89.1 innings of a combined 1.41 ERA as relievers last year, potentially setting San Diego out with a thoroughly effective–if pricey–backend. MLBTR projects Yates to receive a $6.5MM award in a final pass through arb, while Pomeranz’s deal included an $8MM signing bonus in advance of a $4MM 2020 salary.

MAY 21, 8:25pm: Stewart will sign a six-year contract worth more than $7MM, ESPN’s Jeff Passan reports (via Twitter). He’ll start off in the minor leagues over in Japan.

One can only wonder if Stewart’s decision will ultimately inspire other domestic amateurs to pursue similar opportunities overseas. By securing a $7MM+ guarantee, he’ll almost certainly eclipse what he’d have made in terms of his bonus in next month’s draft. While he’s now locked in his salaries for more than a half decade and put a fairly hard cap on what he can earn, Stewart would’ve likely been years away from even being a consideration for an MLB roster — at which point he’d have been another three years away (at least) from reaching arbitration eligibility. It could very well have taken him as long, if not longer, to reach the point where he could’ve locked in a guaranteed $7MM by playing in Major League Baseball — if he ever reached that level of earnings at all.

1:55pm: Stewart will receive more than $4MM under the deal, MLB.com’s Jim Callis reports (Twitter link).

8:37am: Amateur pitching prospect Carter Stewart will continue to take an unusual career path, foregoing the upcoming amateur draft in favor of a stint with Japan’s Fukuoka SoftBank Hawks. Ken Rosenthal of The Athletic reported the agreement (Twitter links).

Though precise terms aren’t yet known, Rosenthal indicates that Stewart will be subject to Nippon Professional Baseball’s typical ten-year player-control system. Whether there are any further understandings or agreements regarding his future aren’t known. Stewart was “believed to be seeking” a $7MM guarantee, per Rosenthal. It’s not yet known whether he’ll receive that level of promise from Fukuoka, and in what form (bonus vs. salary) it’ll be paid.

Stewart is widely considered one of the most talented amateur pitchers in the world. Indeed, the Braves selected him out of high school with the eighth overall pick in the 2018 draft. The sides failed to agree to a contract after the club got a closer look at the medicals. A ligament issue in Stewart’s wrist led the club to lower its offer.

Rather than take the reduced bonus, Stewart enrolled at Eastern Florida State College. By going to a junior college, he preserved the ability to reenter the draft this year. Meanwhile, Stewart and his representatives initiated a grievance regarding the negotiations with the Braves. It was ultimately resolved in the team’s favor. The Braves hold a compensatory pick in this year’s draft.

In the intervening year since the ’18 draft, pundits have soured a bit on Stewart. He delivered excellent results and is still said to have shown top-shelf stuff at times, but also dealt with some inconsistency and saw a few other questions crop up. As of today, Stewart was rated 38th overall by Baseball America and landed just inside the top sixty players on the Fangraphs and MLB.com draft prospect lists.

Heading to Japan hardly means that Stewart won’t have a chance at the majors. But it does make for quite a different — and frankly fascinating — career course. It seems reasonable to presume that Stewart will be counted against the Hawks’ limit of four foreign players — if and when he’s added to the active roster. He’d be eligible to be posted back to MLB teams (with a transfer fee capped at $20MM) at any time, at the election of his new team.

There’s some risk in heading abroad, but it’s hard to ignore the appeal. Stewart will have a heck of a cultural experience. He will presumably enjoy much greater earnings out of the gates, though bonus and salary details aren’t yet known. Neither is it clear whether Stewart is expected to jump right into the team’s NPB rotation out of the gates, but it stands to reason that he’ll be competing in consequential games in front of thousands of passionate fans much sooner in Japan than he would have in North America.

The international transactional landscape continues to evolve in fascinating ways. Shohei Ohtani pushed for an early move to the majors after previously dabbling with a decision to come straight over as an amateur player. Last fall, the Diamondbacks nabbed a promising Japanese amateur player in unusual fashion. We have continued to see North American players head to Japan and other Asian nations in efforts to earn better money and revive their careers, though roster limitations effectively cap the number that can do so. Now, there’s a potential new talent pipeline heading west across the Pacific.

Stewart, a high-school righty out of Georgia, was selected eighth overall — a pick that came with a slot value of just under $5MM. While the expectation was that the sides would line up on a deal, that never came to fruition. It emerged that Stewart’s medical review had turned up a wrist ligament issue that ultimately impacted the team’s valuation.

The grievance, it seems, revolved around the question whether the Braves actually made Stewart an offer of at least 40% of the slot value, as is required for a club to obtain a compensatory pick in the ensuing year’s draft. Evidently, the panel determined that matter in the team’s favor. Bowman says the Braves’ top offer never exceeded $2MM (just over the minimum) after the health issue arose; clearly, Stewart’s camp found that insufficient.

It’s an unfortunate situation for Stewart, of course. He ultimately chose to join the JuCo ranks in hopes of potentially reentering the draft this summer. Things turned out better for the Braves. No doubt, the club would have preferred to sign the player they selected at full health. But they’ll end up with nearly the same pick in the upcoming draft, opening the door to more high-end talent.

It should be noted that the Cubs are already over the CBT threshold, as Roster Resource calculates a luxury tax figure of slightly under $228.5MM for the current 40-man roster.  If crossing the $206MM line altogether isn’t a concern for Epstein and his front office, a bigger issue could be the $246MM threshold, which would trigger a larger tax payment for the Cubs and a ten-position drop in the first round of the 2020 draft.  If this estimated $17.5MM of payroll space is what the team really has to work with, it still doesn’t leave room for a major addition like Bryce Harper, who has been rumored as a target if the Cubs can shave some more salaries off the books.

Here’s more from around the National League…

• The Brewers’ deep outfield and Keon Broxton’s out-of-options status made him a trade chip for the club, GM David Stearns told reporters (including the Milwaukee Journal Sentinel’s Tom Haudricourt) in the aftermath of the trade that sent Broxton to the Mets.  “Teams are smart, so they looked at our outfield situation and saw we had a couple of out-of-option players who are talented,” Stearns said.  “Teams have been poking around on Keon since the end of the season. We discussed scenarios with different teams and this is the one that finally went over the (finish) line.”  In regards to any outfield additions, Stearns said the team will do its due diligence, but overall, “we are comfortable with the options we have at this point.”
• “There’s no timetable for a resolution” in the dispute between the Braves and first-round draft pick Carter Stewart, Gabriel Burns of the Atlanta Journal-Constitution writes.  As detailed by The Athletic’s Ken Rosenthal (subscription required) in early October, the MLBPA filed a grievance claiming that Stewart failed to reach an agreement with the Braves after his physical turned up ligament damage in his wrist, and he’s now seeking to be declared a free agent by Major League Baseball. The grievance alleges that the Braves did not offer Stewart 40 percent of his slot value, which is the minimum offer that must be made to a player in order to receive a compensation pick in the following year’s draft.  Stewart was the eighth overall pick in the 2018 draft, so Atlanta stands to be picking ninth overall in the 2019 draft unless Stewart’s grievance results in a favorable ruling for the young right-hander.  Needless to say, it would be a big setback for the Braves if they missed out on such a high pick and received no compensation whatsoever, so this situation is certainly worth monitoring in the coming weeks or months until some decision is finally reached.
• “The degree to which the Dodgers pursue [Bryce] Harper will say a lot about where they are headed as a franchise,” Dylan Hernandez of the Los Angeles Times opines.  The Dodgers have been rumored to be suitors for Harper all winter, particularly since the team created outfield space and luxury tax space in the Yasiel Puig/Matt Kemp trade with the Reds.  Rather than a long-term mega-deal for Harper, however, the Dodgers have reportedly been more interested in offering shorter-term contracts with a higher average annual value, though Hernandez wonders why money is suddenly an object for a big-market franchise that spent freely for years.  Hernandez argues that L.A. fans won’t be impressed by a sudden restraint in spending, particularly after a season that saw the Dodgers duck under the luxury tax threshold and thus perhaps leave themselves short-handed for the World Series.

JULY 6: The Braves and first-round draft choice Carter Stewart failed to put pen to paper in advance of today’s 5pm EST deadline, Jon Heyman of Fancred was first to tweet.

Stewart, a Florida high-schooler, entered the draft graded as one of the top eligible hurlers. He had dealt with a wrist injury late in the season, though it was not something that led to any expectations of a ding in his draft stock. Indeed, it seemed there was not much to worry about when the Braves took Stewart eighth overall.

Unfortunately, it seems that a closer look at the medicals has enhanced the concerns for the Atlanta organization. MLB.com’s Mark Bowman tweeted that it was a “definite concern” for the Braves, noting that player and team never really were close on numbers entering the final signing day.

The eighth overall pick came with a $4,980,700 allocation. The Braves will only get a compensatory pick next year — at one slot lower than the existing selection (#9) — if they offered Stewart at least 40% of the slot value (i.e., $1,992,280).

The Braves kept their offer “a lot closer to the 40% threshold than to pick value,” according to MLB.com’s Jim Callis (Twitter link), which explains why a deal did not come together. But that also indicates that enough cash was put on the table to ensure that the club will get another top-ten selection next year. Stewart will presumably honor his commitment to Mississippi State, though there’s no clear indication yet as to his immediate future.