NEW YORK (AP) — The price of qualifying offers for eligible free agents has risen to $15.3 million from $14.1 million.

The 8.5 percent increase was finalized Tuesday by Major League Baseball and the players’ association. It is up from $13.3 million after the 2012 season, the first of the new system.

Baseball’s labor contract sets the price at the average of the 125 highest contracts by average annual value.

A club has until 5 p.m. Eastern time on the fifth day following the World Series to make a qualifying offer and a player has until 5 p.m. EST on the 12th day after the World Series to accept it. An offer can only be made to a free agent who was with the team for the entire system.

If a player rejects a qualifying offer and signs a major league contract with another club before the June amateur draft, his former team would receive a draft pick as compensation at the end of the first round.

The club signing that player loses its first-round pick in the following amateur draft, unless that pick is among the top 10, in which case the club signing that player loses its next-highest pick.

None of the 22 qualifying offers made after the last two seasons was accepted.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.