MLB Rule 5 Draft 2014: Date, Start Time, Format and Top Prospects

The arduous MLB winter meetings will clear the way for Thursday's annual Rule 5 draft, a last-ditch opportunity to poach an unheralded prospect.

With 40-man rosters locked, several holdovers in farm systems across the league can now get scooped up by new employers. Few draftees end up making a dent, but don't write these proceedings off. Johan Santana, Josh Hamilton, Jose Bautista and even Roberto Clemente are all former Rule 5 selections.

The stringent guidelines prevent organizations from simply taking a low-risk flier, as they're not allowed to stash acquisitions in the farm system. Here are the event's ground rules, courtesy of MLB.com's FAQ page:

• Only teams with extra space on the 40-man roster are eligible to make a selection.
• In order to be eligible, players must be at least 19 years old and off the 40-man roster. They also must have played professional baseball for at least four years.
• Participating teams draft in order of 2014's reverse standings.
• For each pick, a team must pay a $50,000 compensation fee to the player's original squad.
• A drafted player must spend the entire season the major league 25-man roster unless they are offered back to the original club for $25,000.

When: Thursday, December 11

Time: 12 p.m. ET

Follow: MLB.com (live audio coverage)

Top Prospects

Delino DeShields, OF, Houston Astros

Alex Brandon/Associated Press

Former first-round pick Delino DeShields now finds himself patrolling the island of misfit toys. A surprising omission from the Houston Astros' 40-man roster, he'll warrant a claim with his breakaway speed.

In the past three minor league seasons, the 22-year-old has stolen 214 bases, swiping 101 bags in 2012. With 11 long balls, he also flexed some developing power to match his lightning legs.

When digging to unearth a gem, teams are looking to procure someone with one plus tool. DeShields certainly has that, and he also added some plate discipline with a 12.0 walk percentage in Double-A last season.

Baseball America's J.J. Cooper noted all those skills but pointed to some hustle concerns downgrading his stock.

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Some teams will be turned off by his well-documented problems with not always showing his best effort—he's been pulled from multiple games over the years for not running out balls. But other teams may be intrigued by some of the best tools in the Rule 5 draft. The minors' only 10-100 man ever (12 home runs, 101 steals in 2012), DeShields plays an adequate center field, can also play second base, has more pop than most speedsters and has shown excellent on-base skills.

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Even so, he's a speedy prospect who offers some patience and pop while playing two positions up the middle (center field and second base). That at least warrants the flier for someone searching for a high-upside fourth outfielder.

Cody Martin, SP, Atlanta Braves

Not exactly a future ace, exposing Cody Martin to the Rule 5 draft still made little sense for the Atlanta Braves, who understand the importance of pitching depth just as well as anybody.

Last year, they scrambled to obtain Ervin Santana and Aaron Harang at the last second after Brandon Beachy and Kris Medlen each needed Tommy John surgery for the second time. Such a cruel lesson on pitcher feebleness makes a solid arm like Martin a nice commodity to have waiting in Triple-A.

Last season, the righty hurled 156 innings in Triple-A, registering a 3.52 ERA with 142 strikeouts and 56 walks. His 3.29 walks per nine inning (BB/9) represents a stark upgrade over 2013's 4.00 rate at the same level.

While Bleacher Report's Mike Rosenbaum pegged Martin as a prime draft candidate, he also acknowledged the 25-year-old's limited ceiling.

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Though his track record is undeniably impressive, Martin has never profiled as anything better than a No. 4 or 5 starter due to his lack of a plus pitch; he has a deep arsenal of four pitches and knows how to change speeds, but none of them are going to be standout offerings at the highest level. On top of that, Martin’s tendencies as a fly-ball pitcher caught up to him last season in Triple-A, as he allowed a career-worst 17 home runs (1.0 home runs per nine innings) as well as a .726 opponents’ OPS.

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Players who perform well at the highest minor league level usually go unprotected, as there's less risk to gamble on a feasible back-end starter or long reliever. Expect Martin to net a selection.

Jared Mitchell, OF, Chicago White Sox

Paul Sancya/Associated Press

Like DeShields, Jared Mitchell once held the world in his hands as a first-round amateur draft selection. While he has plummeted well below the hype, the lefty outfielder enjoyed improved results last season, which should plot him on everyone's radar.

Split between Double-A and Triple-A, Mitchell hit .256/.362/.444 with 19 home runs and 15 stolen bases. Most of that power, however, came on the lower circuit, as he notched a .561 slugging percentage in the Double-A Southern League compared to a .375 clip in the International League.

Mark Duncan/Associated Press

Before the 2014 season commenced, Chicago White Sox assistant general manager Buddy Bell offered his assessment of Mitchell to the Chicago Tribune's Colleen Kane.

"We've seen bits and pieces of what he can really do," Bell said. "He's really an athletic kid. He really competes, but he is really hard on himself, and he keeps changing more than he needs to."

At age 26, Mitchell will at best provide organizational depth off the bench. While he has doused a sharp batting eye throughout his career, he has also piled up an alarming 31.9 career strikeout percentage. Against big league pitching, that rate will soar even higher.

As someone who can reach base with decent power and speed, don't be shocked if Mitchell gets a second chance away from the Windy City.