NEW YORK (AP) -- Major League Baseball and the players' association have determined that qualifying offers for eligible free agents will be $14.1 million, a raise of $800,000 from last year.

Baseball's labor contract sets the price at the average of the 125 highest contracts by average annual value.

A club has until 5 p.m. Eastern time on the fifth day following the World Series to make a qualifying offer and a player has until 5 p.m. EST on the seventh day after the World Series to accept it.

If a player rejects a qualifying offer and signs a major league contract with another club before the June amateur draft, his former team would receive a draft pick as compensation at the end of the first round. The club signing that player loses its first-round pick in the following amateur draft, unless that pick is among the top 10, in which case the club signing that player loses its next-highest pick.

Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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