Jonathan Mayo has the slot values for the top ten picks in the first round of the 2012 draft under the new Collective Bargaining Agreement.  The Pittsburgh Pirates pick eighth in the first round, and according to Mayo, they will have $2.9 M to spend on their pick.

The Pirates don’t have to spend the full amount.  They can also spend over that amount.  If they spend more than $2.9 M, the excess counts against their total slot pool, with penalties if they go more than 5% over the total slot bonus pool.  If they spend less than $2.9 M, they could use the remaining to go over-slot on later round picks.

Last year the number eight pick, Francisco Lindor, received exactly $2.9 M.