The 2019-20 international signing period kicks off this morning, meaning that from now until next June 15, teams are officially able to begin signing amateur talents from countries outside of the United States and Canada. Prospects aged 16 and up (assuming they turn 16 by Sept. 1 of the current period) are eligible to sign minor league contracts with teams for signing bonuses that fall within the constraints of a league-allotted bonus pool.

Those looking to brush up on the top prospects this July 2nd class has to offer will want to look at the invaluable work put into the subject by Ben Badler of Baseball America (subscription required), Kiley McDaniel & Eric Longenhagen of Fangraphs, and Jesse Sanchez of MLB.com. As ever, Badler provides an abundance of information on expected destinations/bonuses for the top free agents in the 2019-20 class; he has further details and scouting notes available here and here. Sanchez provides his own Top 30 with free scouting reports (and likely destinations). In addition to the above-linked preview, McDaniel and Longenhagen have scouting info on their top 40 prospects.

After all of that — here’s a quick primer on the specifics of the international free agency system.

Unlike the system that was in place from 2012-16, in which teams would routinely shatter their international bonus pools and take two-year signing penalties in exchange for one enormous haul of amateur talent, the system under the 2017-21 collective bargaining agreement contains a hard cap that cannot be exceeded. Teams are still permitted to trade for up to 75 percent of their originally allotted bonus pool, however, and any team is free to trade away as much of its pool as it wishes. International pool allotments must be traded in increments of $250K — unless it includes the last remainder of a team’s pool.

Penalties from the previous international signing periods carried over with the new system, but those have all now run their course. There is one team that continues to face limitations on spending, for a different reason. The Braves continue to operate under significant long-term penalties as punishment for violating international spending guidelines. They’ll be limited to a hard cap of $10K per player in 2019-20 and will be stripped of half their league-allotted bonus pool in the 2020-21 period.