Major League Baseball’s 2012 amateur draft is less than a week away. The first round is scheduled for June 4, beginning at 7 p.m. EST, and the next 39 rounds will be on June 5 (rounds two through 15) and June 6 (rounds 16 through 40), beginning at noon EST on both days.

The draft will be interesting for a number of reasons. First and foremost, the overall talent is considered one of the weakest in recent memory; second, new rules have been implemented by MLB in an effort to control draft spending. Among many other changes, each team will be given a pool of money to spend (based on the number and position of their picks) and penalties can be assessed for exceeding the “recommended” funds.

Because teams are limited by the amount of money they can spend, you’re likely to see a lot of good prep players, who are not consensus first-round talents, head to college because they won’t be able to sign above-slot deals after being selected later in the draft, like in the past. As well, junior college enrollement could skyrocket because that route allows players to re-enter the draft after just one year, rather than wait three seasons with the four-year college route.

Below is my take on the first round selections. It is not a guess of what teams will do; it’s a ranking of what I would do if I were running the draft war room for each team. I drafted without considering each club’s willingness to spend money on the draft, and I looked to take who I considered the best player available — based on scouting reports, word of mouth and first-hand observation.

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If you hadn’t guessed from my first piece on Midwest League prospects, the league is simply loaded with talent. Taking that statement one step further, few would argue it was the best prospect league in all of minor league baseball at present. In this installment, seven more prospects ranging from the relative unknowns to household names (if there is such a thing when it comes to prospects).

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Trevor Bauer, RHP, Arizona Diamondbacks
Current Level: AAA
2012 Top 15 Prospects Ranking: 1st
Current Value: Near MLB Ready

Bauer, 21, has been every bit as good as advertised. The third overall draft pick out of UCLA in 2011, the right-hander has reached triple-A in his first full pro season. Bauer began the year in double-A but was promoted after just eight starts. He struck out 60 batters and allowed just 33 hits in 48.1 innings of work. He’s made two starts in triple-A and has whiffed another 24 batters in 19.0 innings of work. Bauer’s advanced feel for pitching and diverse repertoire should allow him to develop into a No. 1 or 2 starter for the Diamondbacks; improved control is his biggest need right now. He could give Arizona’s starting rotation a boost in the second half of 2012 and should take a regular turn in the rotation beginning in 2013.

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A.J. Cole, RHP, Oakland Athletics
Current Level: A
2012 Top 15 Prospects Ranking: 3rd (Washington)
Current Value: Diminished

After a successful 2011 season in low-A ball, Cole was one of the prospects packaged up in a deal between Washington and Oakland that saw Gio Gonzalez head to the Nationals. Cole, a 20-year-old starting pitcher, was originally assigned to high-A ball to start the 2012 season but he’s since been moved back down to low-A, where he spent the ’11 season. The right-hander posted a 7.82 ERA in 38.0 innings in the California League. He walked just 10 batters but allowed 60 hits and seven home runs. In his first start back in low-A, Cole gave up eight runs (five earned) on 12 hits in 5.0 innings. Clearly the struggles in Stockton messed with his head so it may be some time before he irons out his game. Despite the hiccup in his career, Cole remains healthy and has a high ceiling. He’s just going to need a little longer to develop than expected.

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Gerrit Cole, RHP, Pittsburgh Pirates
Current Level: A+
2012 Top 15 Prospects Ranking: 1st
Current Value: Stock is Rising

The first overall pick of the 2011 amateur draft, Cole did not pitch after signing his first pro contract and he came out of the gate a little rusty in 2012. After allowing 13 runs in his first four starts of the year he’s given up just four runs in his last five starts in high-A ball. In total, he’s allowed 32 hits and just 13 walks in 45.0 innings. He’s also struck out a large number of batters (46) while inducing above-average ground-ball rates. Cole has a big, strong frame capable of handling a large workload and he has the ceiling of a No. 1 or 2 starter. It wouldn’t be a stretch to expect a mid-season promotion to double-A and a major league debut some time in 2013. Cole is truly ace material and he’s the type of young pitcher that Pittsburgh has been trying to develop for years.

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With the closest Midwest League stadium five hours away, my providing first hand scouting coverage of that league is difficult to say the least. Fortunately, a contact has been kind enough to provide me the scouting scoop on more than a handful of the league’s top prospects. These aren’t exact quotes, but summaries of conversations had over the course of the first two months of the minor league season. Read the rest of this entry »

Xander Bogaerts, SS/3B, Boston Red Sox
Current Level: A+
2012 Top 15 Prospects Ranking: 1st
Current Value: Star-in-the-making

Bogaerts lept into the hearts of prospect watchers (and diehard Boston fans) last season when he took the full-season South Atlantic League by storm and produced a wRC+ of 120 despite his relative lack of experience. Bogaerts, still just 19, is now leaving his impression on the high-A Carolina League. Although he’s currently hitting .278, Bogaerts’ power display is down from last year (.249 to .137 ISO) but he’s a better all-around hitter; his walk rate has increased more than 1% over last year and his strikeout rate has dropped almost 6% to 18.6%. He’s still playing at an above-average level for his league with a wRC+ of 117. The Aruba native’s ceiling remains huge and he’s eventually going to tap back into his above-average raw power.

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For my day job, I write up scouting reports on amateur players for ESPN’s Draft Blog but have been catching minor league games on the side when my schedule permits. I’m happy to bring some of my scouting reports to FanGraphs, and first up is the buzziest prospect of them all, Orioles righty Dylan Bundy. I caught his start in Charleston versus the Yankees affiliate on May 7th and I pieced together some video from the game:

Video after the jump

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Nolan Arenado, 3B, Colorado Rockies
Current Level: AA
2012 Top 15 Prospects Ranking: 1st
Current Value: Star-in-the-Making

It’s not even June but the Rockies are fading fast from the playoff picture. The hot corner has been a gaping hole and the organization’s top prospect just happens to be a third baseman. Unfortunately, Arenado is not exactly forcing the club’s hand to promote him. He’s currently hitting .303 in double-A but his OPS is just .788 as he’s not exactly getting on-base at a huge rate and he’s just hitting for OK power. Never one to take a huge number of walks, his rate is down to just 5.6 BB% this year after topping out at 8.1% in 2011. His strikeout rate is still good at 14.0 K% but it’s up to the highest mark of his career and 5% higher than last season. Arenado, 21, has 13 doubles but just three home runs after slugging 20 last year; his power, as witnessed by his ISO rate, has dipped each of the past few seasons from .212 to .190 to .137. After a breakout 2011 season in the California League and then an even better performance in the Arizona Fall League (.388/.423/.636 in 121 AB), the organization was probably hoping for a little bit more from Arenado and it looks like he won’t be ready before 2013.

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The St. Louis Cardinals’ playoff hunt took a huge hit with the loss of veteran first baseman Lance Berkman to a possible torn ACL. The injury could end his 2012 season – and possibly his career. Most clubs would be left scrambling for a veteran trade replacement – especially after also losing a perennial all-star like Albert Pujols in the off-season – but the Cardinals have one of the Top 3 first base prospects in the game.

Along with the Cubs’ Anthony Rizzo and Houston’s Jonathan Singleton, triple-A first baseman Matt Adams has the potential to be an impact bat at the big league level. Prior to the season I ranked Adams as the organization’s eighth-best prospect in the system but left him off the Top 100 prospects list.

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