Nippon Professional Baseball and Major League Baseball have agreed to new posting laws on Monday, according to reports. Major League Baseball announced that the posting system is now official.
The main difference is that there are no longer bids to receive "exclusive negotiating rights" with the player. The player is able to sign with any team who pays the Japanese team the "release fee." The Japanese team gets to set the "release fee" to what they think MLB teams will pay. They could set it at $5 million, $10 million, all the way up to $20 million. If a team wishes to negotiate with the posted player, they must pay the release fee. All teams that pay the fee are able to negotiate with the player.
Here are the rest of the rules of the next posting system (via MLB Press Release):