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2012 MLB Draft: Cubs Sign Second Round Pick Duane Underwood

The Chicago Cubs have agreed to sign second round pick Duane Underwood to a deal that includes a $1.05 million signing bonus, as Jim Callis of Baseball America reports. Underwood is a big-armed prep pitcher out of Pope High School in Georgia.

Callis notes that the Cubs gave Underwood an overslot bonus as the recommended value for where he was taken, overall pick No. 67, is $769,600. The right-hander can hit 98 miles per hour with his fastball, though, showing the kind of live arm that teams crave in young pitching.

Even with the deal, the Cubs are still $276,200 under budget without the signing of top pick Albert Almora. That leaves the team with $3,922,895 to offer Almora, the No. 6 overall pick, before the new collective bargaining agreement rules will require the team to forfeit a future first round pick.

For updates, stay tuned to SB Nation Chicago. For more in-depth coverage, head over to Cubs blog Bleed Cubbie Blue. And for more news and notes from around the league, check out Baseball Nation.