Much more detail here:
Biggest thing of course is the pool money section:
MLB has proposed a hard-slot system totaling $181 million for the bonus pool. The MLBPA has proposed a system that starts at $260 million but can go up from there, with taxes and penalties for teams that go over it. Players cannot be signed for below slot money in the MLBPA proposal (which they can be in the amateur draft), but they can be signed for a higher figure than the slot.
Per the union proposal: A team that goes up to 20 percent over the bonus pool pays a 75 percent tax. Going 20 to 30 percent over costs a first-round pick in the next international draft plus the 75 percent tax. Going 30 to 40 percent over costs a 100 percent tax and the first- and second-round picks in the next draft. And going 40 percent over brings a 100 percent tax and the loss of first-round picks in two straight drafts.
Another major difference is bonuses for unsigned free agents ($20K MLB, $40K MLBPA). I still don't know how they could justify this number being any different from unsigned bonuses from the regular draft ($125K). If each draft has 20 rounds, there should not be great talents late. And if they make everyone register for the draft and submit to physicals it will be harder to hide prospects. Players that never register are not eligible till the next draft.
I really doubt that MLB will give on those penalties for going over the pools. But there there should not be hard slots either. So a pool in the $220-$240 million range with a hard capped pool (i.e. a team can spend its pool on its 20 draft picks but can allocate it however they want) seems to make the most sense. Let the players have a small win on the size of the pool, but owners get a big win on the capped nature of the pool.
Again, I predict the players cave which will be a shame. MLB should want to recruit more international players to the sport. Just like the draft should have bigger bonuses to compete with other U.S. sports. Time and time again, however, the players look out for themselves (i.e. major leaguers) instead of minor leaguers. And MLB just wants to cut costs even if it hurts the sport.