Player to be named later
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The concept of the "player to be named later" is most often associated with Major League Baseball, and specifically trades between teams. The "player to be named later" (or, PNL) is generally used to postpone a trade's final conditions or terms. This is often done for two reasons; first, it helps the team receiving the PNL better assess what positions it is they need to fill. Second, the team receiveing the PNL can better judge the other team's talent pool before closing the deal. When one of these PNL transactions occurs, the negotiating teams will generally come to an agreement on a list, usually 5-10 players (almost always minor leaguers) in length, from which the final selection will be made.
There are two rules to a PNL transaction. The deal must close within a six-month timeframe following the conclusion of the rest of the trade, and the player must change leagues. Because of these two rules there have been some interesting circumstances. In 1962, when Henry Chiti was traded by the New York Mets to the Cleveland Indians for a PNL, and the teams could not agree on a final deal within the six-month timeframe, the PNL was, oddly enough, Henry Chiti. The New York Mets traded him back to Cleveland for himself, in essence to negate the trade altogether with neither side losing or gaining anything. Another interesting circumstance involves the second rule: players must change leagues. Generally to work around this rule minor leaguers are chosen, and thus very few PNLs are of star quality. However, some minor league PNLs who have turned out to be productive in the majors include Jeremy Bonderman, Scott Podsednik, Coco Crisp, Moises Alou, Jason Schmidt, and David Ortiz.
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