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Thursday marks the open of MLB's 2026 international signing period, one of two ways major-league teams acquire amateur talent each year. The annual July draft covers players born in the United States, Canada, and Puerto Rico. Players from everywhere else in the world fall into international free agency.

Roughly 30% of current MLB players originally signed as international amateur free agents. That group includes superstars like Ronald Acuña Jr., Vladimir Guerrero Jr., and José Ramírez. Perennial contenders like the Dodgers and Yankees, teams that typically pick late in the draft, use international free agency to add high-end prospects to their farm system.

Future All-Stars will sign during the international free agency window. Maybe even a future Cy Young winner or MVP. A player who signs Thursday could even one day find himself in Cooperstown. Here's everything you need to know going into the open of the 2026 international signing period.

Format

International free agency remains free agency because MLB and the MLB Players Association did not agree to an international draft during collective bargaining agreement talks in 2022. MLB has pushed for an international draft for decades, but the union has resisted because it would strip players of the freedom to pick their team, not to mention limit their earning potential. The collective bargaining agreement expires in December. Expect MLB to once again push for an international draft during labor talks.

The international signing period used to run from July 2 to June 25, but the start of the 2020-21 signing period was pushed back to Jan. 15 because of the COVID-19 pandemic and that change was later made permanent. The signing period is now neatly confined to a single calendar year, running from Jan. 15 to Dec. 15. To be eligible to sign, players must be at least 16 years old and turn 17 by Sept. 1 of the following year. This year's newly eligible players were born between Sept. 1, 2008, and Aug. 31, 2009.

Bonus pools

International bonus pools, the money teams can spend on players, are tied to revenue and market size. Generally speaking, small-market teams get the biggest bonus pools and large-market teams get the smallest. There are bonus pool penalties for signing major-league free agents who declined the qualifying offer, and teams can trade for an additional 60% of their original bonus pool. The bonus pools are a hard cap. You cannot spend more than you're allotted.

Here are the 2026 international bonus pools as reported by Baseball America:

The Blue Jays (Anthony Santander), Padres (Nick Pivetta), and Red Sox (Alex Bregman) each forfeited $500,000 in bonus pool money to sign a qualified free agent last offseason. The Astros (Christian Walker), Giants (Willy Adames), Mets (Juan Soto), and Yankees (Max Fried) each forfeited $1 million because they exceeded the competitive balance tax threshold.

Bonuses of $10,000 or less do not count against the bonus pool. Players who get bonuses that small usually aren't great prospects, though every so often one breaks through and reaches the big leagues. Houston signed both Cristian Javier and Framber Valdez to $10,000 bonuses as amateurs, for example. The Tigers signed Eugenio Suárez for $10,000 way back in the day.

International players younger than 25 can sign minor-league contracts only. Teams cannot entice these players by offering to put them on the 40-man roster. Yoshinobu Yamamoto was posted out of NPB at age 25 and thus wasn't subject to the international bonus pools, allowing him to sign his record $325 million contract. Roki Sasaki was posted at 23 and was subject to the bonus pools.

Top prospects

As good as scouts are these days and as much data as teams have, it is really difficult to project ahead when you're talking about players this young. A player who looks like the best prospect today could get lapped by several others in a few months time. It is the nature of the beast. Here are a few of the top prospects for the 2026 international signing period, listed alphabetically.

SS Wandy Asigen, Dominican Republic: Perhaps the most famous player in this year's international free agent class, Asigen has the defensive chops to remain at shortstop long-term, and MLB Pipeline praises his "special left-handed swing." Asigen is expected to sign with the Mets after backing out of an agreement with the Yankees.

C Fernando Graterol, Venezuela: Graterol is the top backstop available in international free agency this year. "Graterol's offensive profile centers around his big-time raw power ... Equipped with a cannon of a throwing arm, Graterol fits the bill of what clubs look for from a teenage catching prospect," writes MLB Pipeline. Graterol has been linked to the White Sox.

SS Luis Hernandez, Venezuela: The consensus No. 1 prospect of the signing period, Hernandez is touted as the best international prospect in several years. "Gifted with immense physical projection and a laundry list of impressive tools ... (he) also earns plus marks for his work ethic and all-around baseball IQ," writes MLB Pipeline. Hernandez has been connected to the Giants.

LHP Andri Hidalgo, Dominican Republic: In a down year for international prospect arms, Hidalgo is considered the best pitcher available. MLB Pipeline says he has an "extremely high ceiling" thanks to a promising fastball/slider/changeup package. The Orioles have been connected to Hidalgo more than other teams.

OF Francisco Renteria, Venezuela: Renteria is the top power-hitting prospect available this year. He held his own during a brief stint in the Venezuelan Major League last summer and MLB Pipeline says he's earned comparisons to Pirates prospect Konnor Griffin, one of the best prospects in the minors. The Phillies has been most tied to Renteria.