Update [2006-11-28 18:35:10 by Eric Hz]: the Yankees won the bidding. This should set the free agent pitching market in motion because the Yankees have signed their starter.
Some team won the rights to negotiate with LH Japanense starter Kei Igawa for $25MM. I recall a time not too long ago when Daisuke Matzusaka was rumored to have been worth that much in a posting fee.
I have no idea how good Igawa is supposed to be, but you can bet for that amount of scratch some team thinks he's going to be as good as the mediocrities that are currently available. $25MM is more than the Phillies gave RHS Adam Eaton.
This signals the end of the Japanese league's days as a glorified AAA. The best players are deemed as good as the vast majority of major league starters.
Based on hype, I expect Igawa to go for $9-$14 on draft day in AL/NL only leagues and be drafted in the middle rounds of in mixed leagues.
Update [2006-11-28 14:20:47 by Eric Hz]: Here are his Japanese league numbers. If they translate, he'd going to be Ted Lilly!