SATURDAY, 2:01pm: The Indians announced via press release that the deal is official.
FRIDAY, 6:32pm: The Indians have agreed to terms with fifth overall draft pick Clint Frazier, Baseball America's Jim Callis reports (Twitter link). Frazier will receive a $3.5MM bonus, less than the $3.787MM assigned slot value price for the No. 5 pick (slot info courtesy of Baseball America). Frazier is advised by the ACES agency.
Frazier was widely heralded as one of the top members of this year's draft class, rated as the No. 4 overall prospect by both MLB.com and Baseball America. ESPN's Keith Law (Insider subscription required), who rated Frazier at No. 7, described him as possessing "the best bat speed in the draft, [and] some of the best I've ever seen on an amateur player." Frazier even drew some buzz as a surprise choice to be taken by the Astros as the first overall pick, though Houston instead went with right-hander Mark Appel.
Frazier, 18, is a right-handed hitting outfielder out of Loganville High School in Georgia. He has above-average arm strength and running ability, according to BA's scouting report, and he is a threat at the plate due to his bat speed and "plus-plus raw power." While Frazier played center field in high school, he is projected as a corner outfielder in his pro career.
Once Frazier's deal is finalized, he will be the 14th player taken in the first round to have reached an agreement with his club.