The Cubs announced the signing of Eloy Jimenez, who was rated as the top international prospect in this year's July 2nd class by both Baseball America and MLB.com. The two sides first reached agreement on a deal on July 3rd and formalized things nearly a month later.

The deal is worth $2.8MM bonus as well as a $250K college scholarship, according to Jesse Sanchez of MLB.com. That's a signficant payday for a 16-year-old, but he actually turned down an even more lucrative offer to sign with the Cubs (Twitter link). The Cubs got a lot done on the international market, signing Jimenez, Gleyber Torres ($1.7MM), Jen-Ho Tseng ($1.625MM), Jefferson Mejia ($850K), and Erling Moreno ($800K). In total, the Cubs spent $7.895MM on int'l free agents.

As Steve Adams explained in his analysis of the Cubs' international expenditures, the Cubs have gone far over their alotted bonus pool. The Cubs will likely face the maximum penalties for international spending next summer, which means that they won't be able to give any player more than $250K in 2014=15. They'll also have to pay a 100% tax on the overage.

The outfielder is 6'4" and 200 pounds, and Baseball America's Ben Badler says that his average raw power and flat swing produce line drives — a combination that could lead to above-average home run power in the future. MLB.com raved about Jimenez in their Top 30:

"Considered the crown jewel of the Class of 2013, Jimenez has one of the best baseball bodies available this year and is considered to be the total package. The teenager has impressed scouts with his intelligence, plus-speed, and gap-to-gap power that is expected to improve as he grows into his body."

Zach Links contributed to this post.