Major League Baseball (MLB) announced today that its Clubs have ratified the new protocol agreement with Nippon Professional Baseball (NPB), which will govern player transfers between the two leagues effective November 1, 2018. The Clubs approved a temporary extension of the prior protocol agreement between MLB and the NPB - dated December 16, 2013 - until the effective date of the new agreement, with certain modifications. A vote was held via conference call earlier today. 
The agreement with the NPB - to which the Major League Baseball Players Association has consented - consists of the following key terms: 
Effective November 1, 2018, the release fee that Major League Clubs will pay a posted player's former NPB Club will be as follows:
For Major League contracts with a total guaranteed value of $25 million or less, the release fee will be 20% of the total guaranteed value of the contract.
For Major League contracts with a total guaranteed value of $50,000,001 or more, the release fee will be: (i) 20% of the first $25 million of total guaranteed value (i.e., $5 million) plus (ii) 17.5% of the total guaranteed value between $25,000,001 and $50 million (i.e., $4,375,000) plus (iii) 15% of the total guaranteed value exceeding $50 million;
For Major League contracts that contain bonuses, salary escalators or options (Club, mutual or vesting), the Club may owe a supplemental release fee at a later date equal to 15% of any bonuses or salary escalators actually earned by the player under his contract, and/or 15% of any compensation paid to the player in Club, mutual or vesting option years that were exercised or vested; and
For Minor League contracts, the release fee will be a flat 25% of the signing bonus. (For Minor League contracts of "Foreign Professionals" that contain Major League terms, a supplemental release fee will be owed if the player is added to the 25-man roster).
The annual window during which NPB players can be posted will be shortened to November 1^stthrough December 5
All other material terms of the prior protocol agreement, including the 30-day negotiating window once a player has been posted, remain the same.
As a result of today's approval, the Hokkaido Nippon-Ham Fighters of the NPB will post right-handed pitcher/outfielder Shohei Ohtani today, with a release fee of $20 million. The window for Ohtani to negotiate with Major League Clubs will expire at 11:59 p.m. (ET) on December 22, 2017. In addition, right-handed pitcher Kazuhisa Makita of the Saitama Seibu Lions will be posted on or before December 31st. The postings of both Ohtani and Makita will be governed by the terms of the 2013 protocol agreement that was extended through the current off-season.
Dan Halem, Chief Legal Officer of Major League Baseball, said: "Major League Baseball values greatly its longstanding relationship with Nippon Professional Baseball and is pleased that the parties have reached an agreement. I would like to recognize and thank the NPB Clubs, Commissioner Katsuhiko Kumazaki, incoming Commissioner Atsushi Saito and their staff - especially Nobby Ito - for their hard work, courtesy and professionalism throughout this months-long process. We believe that this new agreement will allow baseball to continue to flourish in the United States and Japan."