Baseball America (link) is reporting that the Mets and #9 overall pick Mike Pelfrey have finally agreed on contract terms.
One source with knowledge of the negotiations, however, indicated Pelfrey received a contract similar to but richer than that of Jeff Niemann, the former Rice pitcher whom the Devil Rays signed as the No. 4 overall pick in 2004. The source indicated Pelfrey received a signing bonus of around $3.5 million (Niemann's was $3.2 million) with a contract guaranteeing Pelfrey $5.3 million. The difference is Pelfrey's deal is payable over four years, rather than five. Pelfrey could earn up to a maximum of $6.6 million if he's on the Mets' 25-man roster in 2007, 2008 and 2009.
There wasn't really any chance he wouldn't sign, it was just a matter of when. "When" turned out to be "right now". Be sure to check out FlushingFuture.com's scouting report on Pelfrey for more information (link).