It's Draft Time: At What Price Does The MLB Value The No. 1 Pick?

The Philadelphia Phillies have the number one pick in the MLB draft, totaling approximately $9.02 million this year, as the top college and high-school baseball prospects line up for the 2016 MLB draft Thursday, according to FoxBusiness.

The MLB assigns values to the first 10-rounds picks out of the 40-round draft. FoxBusiness said this year's picks are worth 4.62 percent more than last year's picks, with the values increasing annually in relation to the league's growth.

Related Link: Detroit Tigers Are MLB's Least Efficient Team, While Atlanta Braves Are On Top

The report said the current all-time drafted player value goes to Gerrit Cole, who received a bonus of $8 million after he was drafted in 2011 by the Pittsburgh Pirates in 2011.

However, FoxBusiness said, "[T]he Phillies aren't expected to spend the full $9.02 million on the top pick."

"Draftees often receive less than their assigned values, and clubs can use those savings to overspend on later picks," the report said.

The report recalled that in 2015, the Arizona Diamondbacks agreed to pay the number one pick, Dansby Swanson, a $6.5 million signing bonus of the listed $8.6 million, leaving about $2.1 million in "slot money."