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The MLB Rule 5 Draft is normally held at the MLB Winter Meetings in December.
NOTE-1: The 2022 MLB Rule 5 Draft will be held on December 7, 2022.
NOTE-2: The Major League Phase of the 2021 MLB Rule 5 Draft was cancelled
It is a mechanism that allows MLB clubs to select (draft) players off minor league reserve lists.
There is a "Major League Phase" where an MLB club can select Rule 5 Draft-eligible players off the reserve lists of minor league clubs (any minor league classification) for $100,000 ("Major League Phase" Rule 5 Draft price increased from $50,000 to $100,000 beginning with the December 2016 draft), and a "AAA Phase" where a club's AAA minor league affiliate can select Rule 5 Draft-eligible players off the reserve lists of minor league clubs of a lower classification (below AAA) for $24,000 (Rule 5 "AAA Phase" draft price increased from $12,000 to $24,000 beginning with the December 2016 draft).