When Stephen Strasburg recieves $15 million before ever throwing a pitch, there is something wrong. The draft is broken. Very broken, in fact.
There is a way to fix this.
First, you have to start with a worldwide draft. International free agents would be subject to the draft. If they go undrafted (doubtful for the top talents), then they can hit the open market as an unsigned free agnet and sign anywhere.
Yes, interational free agents would enter the draft at 16, but that's just the law of the land. They sign at 16, not 17 or 18 like American high schoolers.
For the draft itself, the most controversial plan needs to be put in place: slotting. This would not only allow for amateurs to paid like amateurs, and receive more money than a professional player makes in a year, but it also removes the agents (sorry, "advisers") from the draft.
When there is a slotting system, each pick would be designated a signing bonus amount (say $5 million for the top pick). Can't go higher or lower. That's what that pick will be paid by the team who picks him. This allows for players who are drafted to say "Yep (Nope), I (don't) want to go to pro," and then teams can get the player in the organization right away.
That is how a draft should work. The worst teams get the best players, and the teams get the players in their organization right away. That makes for faster evaluation and elevation, which can only help a team.
Another addition that should be added: trading picks. Remove the protected picks garbage and allow for trading picks.
When you sign a Type A free agent under this new rule, you lose your first round draft pick, even if you pick first. Of course, you can always trade picks to the team in place of your first round pick.
Picks you can't trade: lower than the 10th round. Then, you're picking spare parts (with a few stars no one knows about, like Albert Pujols). You can, however, trade your compensation picks (from Type A and B free agents), including the first round picks.
This would also put a limit on Type A free agent signings. You can only lose your fifth round pick by trade, not by free agency. So if you sign three Type A free agents, and trade your fourth round pick, you cannot sign anymore Type A free agents. Can't go below the fourth round.
That makes for a better free agent market, so the highest revenue clubs cannot hoarde all of the top free agents.
Finally, no more compensation picks for failure to sign a draft pick. Are you kidding me? Fork over the money or lose it.