and in baseball there's no entry level contracts like NHL - you have to get slotted or something with money right?
There are entry level contracts in MLB. What the slot values are is what the league believes is a fair signing bonus to give to each pick # in the draft. Every team is then allotted a total budget that they are allowed to spend on singing bonuses for all their draft picks based on the slot values of the picks they hold. Where this becomes more interesting is that though the picks a team has determine their total spending allowance on bonuses, they aren't hard locked into spending each pick's value on just that particular pick. They can shuffle the money around in their pool, saving dollars on some picks and then using those saving to spend more on other picks.
For example, this is the slot values for each of the picks in the first 10 rounds of the draft:
http://www.baseballamerica.com/draft/2014-draft-assigned-pick-values-for-top-10-rounds/
For the Jays' first pick at #9 (Jeff Hoffman) they have an allotment of $3.08m, and for their 2nd pick at #11 (Max Pentecost) they have about $2.89m allotted.
But if they were to sign each player with bonuses of $2.5m, that would then leave them about 550k of money left over from those slots that they could use to spend on later picks. So, for example, Sean Reid-Foley's slot value is about $1.12m, but the team could offer him up to $1.67m if they use those savings from round 1.
This is why you hear people talk about teams "punting" picks. They'll pick guys late in the draft that they think will cost little to none of their slotted bonus money so that they can use all those savings to try and sign a more expensive player elsewhere in the draft.
This all matters because teams can't exceed their total bonus pool without penalties. Go over by a 1-5% and you have to pay a "tax" on your spending overage. Go more than 5% over your total value and it starts costing future draft picks. But all that matters in that regard is the total for your whole draft, not the individual pick values. You could, if you wanted, punt your entire draft except the 1st rounder and spend your whole bonus budget one just one guy. But of course that'd be stupid.