It appeared the Padres and righthander Matt Latos were at a standstill that wouldn’t be resolved before tonight’s 11:59 p.m. ET deadline to sign draft-and-follows. Latos reportedly sought more than $3 million, while San Diego was offering roughly half that. But the two sides got a deal done this evening, with Latos receiving a reported bonus of $1.25 million.

Latos was the highest-ranked junior college player on Baseball America’s Top 200 Draft Prospects list, checking in at No. 32. He might have gone in the sandwich or second round out of high school in the 2006 draft, but his seven-figure price tag scared teams off. After the Padres selected him in the 11th round, Latos decided not to attend Oklahoma and instead went to Broward (Fla.) Community College, allowing him to negotiate with San Diego this spring and to re-enter the draft had he not come to terms.

A 6-foot-5, 205-pound righthander, Latos has a mid-90s fastball, a hard breaking ball and a promising changeup. He immediately becomes one of the best—if not the best—pitching prospects in the Padres system.