MLB announced that it has reached agreement with NPB (Nippon Professional Baseball) on a new posting system after MLB's executive council agreed to it today. This should pave the way for Masahiro Tanaka to get posted, should his team agree to do so.
Here are the main tenants of the deal, according to MLB's release (the new posting system is for three years or longer, depending on whether one side wants to terminate the deal and renegotiate):
* If an NPB Club wishes to make one of its players available to Major League Clubs, the NPB shall notify the Office of the Commissioner of the NPB player's potential availability and the “release fee” that a Major League Club must pay to the NPB Club in order to secure the NPB player's release. The NPB Club may not set the release fee at an amount higher than $20 million and the fee cannot be changed once it has been set by the NPB Club.
* The Office of the Commissioner shall then "post" the NPB player's availability by notifying all Major League Clubs of the NPB player's availability and the release fee sought by the NPB Club.
* All "postings" of NPB players must be made between November 1 and February 1.
* Beginning the day after the player is posted, and concluding 30 days later, any Major League Club willing to pay the release fee set by the NPB Club may then negotiate with the player in an attempt to reach an agreement on a contract.
* If a Major League Club is able to reach an agreement on a contract with the posted NPB player, the Major League Club must pay the NPB Club the designated release fee, which will occur in installments, the timing of which depends on the size of the release fee.
* If the posted NPB player fails to reach an agreement with a Major League Club, the release fee is not owed, the NPB player remains under reserve to his NPB Club, and the player may not be posted again until the following November 1.