Process
When a player under contract with a Nippon Professional Baseball team wishes to play in Major League Baseball, he must notify his current team's management and request that they make him available for posting during the next posting period (November 1 – March 1). The NPB team can reject this request, and the player will not be posted. However, if the team consents, the player is presented to the MLB Commissioner. The Commissioner then notifies all MLB teams of the posted player and holds a four-day-long silent auction during which interested MLB teams submit sealed bids in U.S. dollars to the Commissioner’s Office. After the allotted four days have passed, the Commissioner closes the bidding process and notifies the posted player's NPB team of the highest bid amount but not who the bidding team is. The NPB team then has four days to either accept or reject the non-negotiable bid amount.
If the bid is rejected, the NPB team retains rights to the player. If it is accepted, the successful MLB team is granted the exclusive rights to negotiate with the player for 30 days. If the player and the MLB team agree on contract terms before the 30-day period has expired, the NPB team receives the bid amount as a transfer fee within five business days. The player is then free to play for his new MLB team in the coming season. The transfer fee is not included when calculating an MLB team's total payroll, which is subject to a luxury tax when it exceeds $155 million. If the MLB team cannot come to a contract agreement with the posted player, then no fee is paid and the rights to the player revert to his NPB team. A player can request to be posted again in subsequent years, and the process is repeated with no advantage to the club that had won the bidding the previous year.
Read more about this topic: Posting System
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