The 2016 MLB First-Year Player (Rule 4) Draft begins tonight, and the Colorado Rockies will be picking three times on the first day. Here is what you need to know about this potentially franchise-changing, a three-day event for the Rockies.

What you need to know:

The Rockies have four of the top 81 picks including the fourth overall pick in the draft, it is the fifth consecutive year they own a top-10 pick and the club has drafted in the top five in three of the past four drafts. 41 of the 51 players taken at four have made the majors, most notably Barry Larkin, Dave Winfield, Kevin Brown, Kerry Wood and Ryan Zimmerman. Because the Rockies draft fourth overall and have a lottery pick they were awarded the fifth most bonus pool money at $11,153,400. Which is a very positive thing, you can read more about slot pools below.

This is how slot bonuses work:

Each pick in the top 10 rounds comes with an assigned value, and the total for each of a team’s choices covers what it can spend without penalty in those rounds. Any bonus money in excess of $100,000 given to an individual player selected in rounds 11-40 also counts against a club’s bonus pool. The amounts rise each year in accordance with Major League Baseball’s revenue growth and increased by 4.62 percent compared to 2015.

If a player chosen in the first 10 rounds doesn’t sign, his pick’s value is subtracted from his club’s pool. If a team surpasses its allotment, it faces penalties.

A club that exceeds its pool by 0-5 percent pays a 75 percent tax on the overage. At higher thresholds, teams forfeit future picks: a first-rounder and a 75 percent tax for going beyond their pool by more than 5 and up to 10 percent; a first- and a second-rounder and a 100 percent tax for more than 10 and up to 15 percent; and two first-rounders and a 100 percent tax for more than 15 percent.

After the third round, the Rockies will pick at fourth in every round the rest of the draft.

Time:

Day 1: Round 1 through Lottery Round B (picks 1-77), Thursday, 5 p.m. MDT

Day 2 Rounds 3-10, begins at 11 A.M MDT.

Day 3: Rounds 11-40, begins at 10 A.M. MDT.

Where: Secaucus, NJ.

TV: MLB Network

Online: MLB.com

Who will the Rockies take:

Although we at BSN Denver wrote a preview that included five prospects, there is a very good chance it comes down to two players, each out of high school, one a pitcher, the other an outfielder. It will be interesting to see if Jeff Bridich carries his best talent available strategy that he used in last year’s first round or if he employs the strategy he used in the middle rounds of loading up on pitching. Bridich will be picking his second draft for the Rockies and there are already positive reviews of his first class. It’s really hard to predict after the top ten but for the fourth overall pick it most likely will be one of these two:

Riley Pint, RHP, St. Thomas Aquinas HS (Overland Park, Kan.)

Pint is the most hyped pitching prospect to come out of Kansas since Mike Pelfrey. For a right-handed pitcher, Pint has an extremely quick and sharp throwing motion. He boasts an electric fastball that consistently hovers between 93 and 97 MPH which has been clocked at 102 MPH, he throws a 12-6 power curveball, along with a filthy cross-plate slider. He can already throw all three of these pitches effectively and with confidence, and he just led his high school team to the state title. While Pint has a huge ceiling, he does come with some risk being a high-velocity high school arm.

Mickey Moniak, OF, La Costa Canyon (Calif.) HS

A lefty-swinging line-drive hitter from SoCal who can run, Moniak has been rumored to be the favorite for the Rockies selection. What stands out about Moniak is his potential five-tool ability, as he uses his speed to his advantage on both sides of the ball. Moniak plays a great center field, and he hit for a .476 batting average during his senior season in high school with 46 RBIs. Moniak has been compared to Christian Yelich as he raised his stock this spring with every hit. The kid boasts legendary MLB ties, considering his grandfather played with Ted Williams. It is likely that he’ll be the first high school bat taken.