Players To Be Named Later

Micah Owings was a PTBNL in the Adam Dunn trade... he was in the major leagues... explain that

Well Owings didn't play in the Majors after July 28th last year and the deal was made in late August.

http://www.baseball-reference.com/players/gl.cgi?n1=owingmi01&t=p&year=2008

"They tend to be minor leaguers, as they cannot have spent time in the major leagues between the day the trade is announced and the day it is completed."

I'm fairly certain this is incorrect. John McDonald was the PTBNL that the Jays got in return for sending him to Cleveland. Yeah, that's right, JMac was traded for himself.

From sonofsamhorn.net:

If a team receives a PTBNL, the player must not have been playing in the league to which he is being sent at the time of the trade (e.g. if the Red Sox receive a PTBNL, the player may not have been playing in the American League at the time of the trade). This rule was instituted after Harry Chiti was traded for himself in 1962 (he was traded from the Indians to the Mets for a PTBNL, which turned out to be himself). As a result, PTBNL's are usually minor leaguers. Sometimes, teams will use players on the disabled list as players to be named so as to avoid having to get special permission from the commissioner's office.

I looked into the John McDonald bit, 'cause I remembered the same thing. Here's what happened: 2005, he's traded from the Blue Jays to the Tigers for a PTBNL. Later, they settle it with cash considerations.
http://www.baseballamerica.com/today/news/050722mcdonald.html

THEN, the Jays reacquire him after the season in a parallel but separate deal.

Confusing, but he wasn't the PTBNL in his own deal, though he was essentially dealt for himself.

The compensation, be it a player or cash, must be agreed upon within 6 months.