There was an article over at MiLB.com today regarding several unsigned first-round pitchers, which to my surprise, included NY Yankees first-round draft pick Ian Kennedy.

Whether that holdout affects a pitcher physically or mentally, I believe it plays a role in retarding his development. How will holdouts impact the remaining five? Who knows? I could be completely off base, but it will be interesting to see how Luke Hochevar (first pick, Royals), Andrew Miller (sixth pick, Tigers), Max Scherzer (11th pick, Diamondbacks), Ian Kennedy (21st pick, Yankees) and Daniel Bard (28th pick, Red Sox) perform when and if they ever get in their respective folds.

Despite a published report to the contrary, MLB.com's Yankees beat writer, Mark Feinsand, confirmed with team brass late last week that Kennedy has not signed.

After doing a little searching, I think that the deal comes down to this: the Yanks reached an agreement with Kennedy on a $2.25 million signing bonus. However, since this is more than the slotted amount for the 21st pick, it must be approved by MLB.

Update: The Journal News confirms it:

The Yankees are dickering with the commissioner's office over the amount of bonus money they plan to give their draft choices. According to Baseball America, the Yankees have an agreement in place with agent Scott Boras to give right-hander Ian Kennedy of Southern Cal a $2.25 million bonus to sign. The deal was in place less than a week after the draft.

But MLB is trying to control what draftees are paid and hectoring teams to adhere to a slot system, much like the NBA. With their farm system thin, the Yankees are restocking with college players and aren't interested in adhering to the rules.

Based on the MLB system, Kennedy would be in line for a $1.45 million bonus. General manager Brian Cashman and scouting director Damon Oppenheimer declined comment on Kennedy. Meanwhile, the player waits at home for clearance to start pitching in the minors.