The value of qualifying offers for eligible free agents has increased from $14.1 million to $15.3 million.

The increase, which comes at a rate of 8.5 percent, was finalized by Major League Baseball and the players' association on Tuesday.

The labor contract sets the price at the average of the 125 highest contracts by average annual value.

James Shields is one of the high-profile players eligible for a qualifying offer from the Kansas City Royals.