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David Price has been signed! Per Marc Lancaster:

"The Devil Rays have signed left-hander David Price, the top overall pick in this year's draft, to a six-year major-league contract, a person with knowledge of the situation confirmed.

The value of the deal is reportedly $8.25 million but that could increase depending on how much time Price spends in the majors over the course of the deal. "

A tidbit from the Fox Sports report says the deal can reach 11.25 if he remains in the majors through the entire length of the deal, which of course raises a few questions:
1. Who the hell gets body bagged from the 40? (Corky? Brian Stokes?)
2. Does that mean Price is coming up next month?
3. Does that mean next year?

Per Jim Callis of BA:

No. 1 overall pick David Price has officially come to terms with the Devil Rays. Price will receive a $5.6 million bonus as part of a six-year major league contract worth a guaranteed $8.5 million and possibly as much as $11.25 million.
Price’s bonus is the second-largest in draft history, behind only the $6.1 million Justin Upton got from the Diamondbacks as the No. 1 overall pick in the 2005 draft. The guaranteed value of Price’s contract is the third-highest in draft annals, trailing only Mark Prior ($10.5 million, Cubs) and Mark Teixeira ($9.5 million, Rangers) from the 2001 draft.

Between Stokes and Camp I'd imagine one of those two are about to be removed from the 40 man.

Per Lancaster:

UPDATING: The contract begins this season and runs through 2012, and it includes a signing bonus of $5.6 million—the second-highest ever awarded. A total of $8.5 million is guaranteed, including the bonus and $2.9 million in minor-league salary. The total value can rise to $11.25 million depending on how much time Price spends in the majors. The major-league portion of the salary totals $5.65 million over the term of the deal. I’m not sure yet how it’s broken down. The Rays will have to make a corresponding move to get Price on the 40-man roster. The easiest way to do it would be transferring Shawn Riggans from the 15-day to the 60-day DL. Or they could cut the cord on Tim Corcoran. "

In case you wanted to know more about David, here's Jake's great interview with him; everything from invisible pitches to pressure is perceived, really good stuff.

It appears Price won't be making his big league debut this season, and Shawn Riggans has been moved to the 60 day DL to make room for Price on the 40 man.