The first round of the 2023 MLB Draft has concluded, with the Pirates making somewhat of a surprising selection at No. 1 overall in LSU ace Paul Skenes.
Skenes' selection with the first pick is the fulfillment of a long-term goal of making the majors. Now comes the hard part: agreeing to a contract with the club that drafted him.
As the first overall pick, he has the highest assigned slot value of any player selected in the 2023 draft. But his status as one of the top pitching prospects in years — he has even drawn comparisons to Stephen Strasburg — have raised questions as to whether he could demand a higher signing bonus with Pittsburgh.
The Pirates have some (limited) flexibility to work out a deal with Skenes, should he ask for a higher signing bonus with the MLB club. It's more than likely the parties will come to an agreement so that Skenes can get to work for the Pirates sometime in 2023.
MORE: Signing bonus among reasons Pirates drafted Paul Skenes over Dylan Crews
Here's everything you need to know about Skenes' projected signing bonus with the Pirates, and how they can work within MLB's draft slot values for 2023:
Paul Skenes signing bonus
According to a report by The Washington Post, Skenes' signing bonus with the Pirates is expected to be "near" the slot value of his selection: $9.7 million.
As noted by The Sporting News' Edward Sutelan, the Pirates have historically saved money on earlier draft picks, and may have attempted to do the same in picking Skenes over LSU teammate Dylan Crews. The latter was, for most of the pre-draft process, considered the top overall prospect — one who could shatter signing bonus records.
Pittsburgh, however, did not end up doing so with Skenes. The Pirates and Skenes instead agreed to a record-breaking $9.2 million contract on July 18, $780,000 more than the previous record between the Tigers and Spencer Torkelson. It was roughly $500,000 less than his slot value.
By picking Skenes instead, the Pirates may have selected a potential Cy Young contender for less than what Crews may have requested. That could free them up to spend more on their remaining 20 draft picks.
MORE: Why Paul Skenes could be best pitching prospect in years
MLB Draft slot values 2023
The MLB Draft has assigned slot values for each pick of the first 10 rounds, with teams given a total value they are allowed to spend on players in a given draft. Teams that outspend their allotment by 0-5 percent must pay a 75 percent tax on the overage, but there are harsher penalties for higher thresholds of overspending:
- 5-10 percent: Lose first-, second-rounder and pay 100 percent tax on overage
- 10-15 percent: Lose two first-rounders and pay 100 percent tax on overage
In short, clubs must be careful not to oversign their draftees. But, per MLB, the 2023 draft saw a 9.9 percent year-over-year increase in value from 2022: good news for teams and the likes of Skenes and his fellow draft members.
That said, MLB teams can sign players for anything relative to their slot value, so long as they don't exceed their 10-round slot allotment. That might lead to a team signing a player earlier with a smaller slot value, which can be used on players in later rounds.
Below is the slot value for the first round of the 2023 draft, per Baseball America:
MORE: MLB Draft grades 2023: Complete Round 1 results & analysis
| Pick | Team | Player | Slot Value |
| 1. | Pirates | Paul Skenes | $9,721,000 |
| 2. | Nationals | Dylan Crews | $8,998,500 |
| 3. | Tigers | Max Clark | $8,341,700 |
| 4. | Rangers | Wyatt Langford | $7,698,000 |
| 5. | Twins | Walker Jenkins | $7,139,700 |
| 6. | Athletics | Jacob Wilson | $6,634,000 |
| 7. | Reds | Rhett Lowder | $6,275,200 |
| 8. | Royals | Blake Mitchell | $5,980,100 |
| 9. | Rockies | Chase Dollander | $5,716,900 |
| 10. | Marlins | Noble Meyer | $5,475,300 |
| 11. | Angels | Nolan Schanuel | $5,253,000 |
| 12. | D-backs | Tommy Troy | $5,043,800 |
| 13. | Cubs | Matt Shaw | $4,848,500 |
| 14. | Red Sox | Kyle Teel | $4,663,100 |
| 15. | White Sox | Jacob Gonzalez | $4,488,600 |
| 16. | Giants | Bryce Eldridge | $4,326,600 |
| 17. | Orioles | Enrique Bradfield Jr. | $4,169,700 |
| 18. | Brewers | Brock Wilken | $4,021,400 |
| 19. | Rays | Brayden Taylor | $3,880,100 |
| 20. | Blue Jays | Arjun Nimmala | $3,746,000 |
| 21. | Cardinals | Chase Davis | $3,618,200 |
| 22. | Mariners | Colt Emerson | $3,496,600 |
| 23. | Guardians | Ralphy Velazquez | $3,380,900 |
| 24. | Braves | Hurston Waldrep | $3,270,500 |
| 25. | Padres | Dillon Head | $3,165,400 |
| 26. | Yankees | George Lombard Jr. | $3,065,000 |
| 27. | Phillies | Aidan Miller | $2,968,800 |
| 28. | Astros | Brice Matthews | $2,880,700 |
Prospect promotion incentive pick
| Pick | Team | Player | Value |
| 29. | Mariners | Jonny Farmelo | $2,800,700 |
Competitive Balance Round A
| Pick | Team | Player | Value |
| 30. | Mariners | Tai Peete | $2,732,500 |
| 31. | Rays | Adrian Santana | $2,670,600 |
| 32. | Mets | Colin Houck | $2,607,500 |
| 33. | Brewers | Josh Knoth | $2,543,800 |
| 34. | Twins | Charlee Soto | $2,481,400 |
| 35. | Marlins | Thomas White | $2,420,900 |
| 36. | Dodgers | Kendall George | $2,362,700 |
| 37. | Tigers | Kevin McGonigle | $2,309,500 |
| 38. | Reds | Ty Floyd | $2,255,100 |
| 39. | Athletics | Myles Naylor | $2,202,500 |