On this last day of the 2014 Winter Meetings, the Rule 5 Draft will take place at noon ET. Players who have been with their clubs for a specified length of time, but have not been placed on the club’s 40-man roster, are eligible to be drafted.
That length of time is dependent upon the age of the player when signed. Players who were 18 years of age or younger when signed must be placed on the 40-man in five years. Players who were 19 or older when signed must be placed on the 40-man in four years. If not, they are unprotected and can be drafted by other clubs.
The drafting club must keep that player on its active major league roster all season or forfeit the drafted player back to his original team.
Teams draft in reverse order of the 2014 standings and only teams with room on their 40-man rosters may make selections.
More info: ABOUT THE RULE 5 DRAFT