Major League Baseball proposed widespread changes to its amateur-entry system that would cut signing bonuses by more than $150 million annually, make high school players ineligible for the domestic draft and institute an international draft, sources told ESPN.

The proposal, made at a collective bargaining meeting with the MLB Players Association on Thursday, called for the domestic draft to be shortened from 20 to 12 hard-slotted rounds and the amateur signing bonus pool to be nearly halved to $200 million, according to sources.

The international draft, which would cover all amateur players outside of the United States, Canada and Puerto Rico, would also be 12 rounds with a $200 million bonus pool, sources told ESPN.