Catch the Draft tonight at 6 ET on MLB Network, MLB.com

Catch the Draft tonight at 6 ET on MLB Network, MLB.com

The 2016 MLB Draft begins tonight, and fans across the country will get their first glimpse at the next wave of potential All-Stars. Here is everything you need to know about this franchise-changing, three-day extravaganza of baseball phenoms.

How do I watch?
Tonight: Coverage begins with the Draft preview show on MLB Network and MLB.com at 6 p.m. ET. Live Draft coverage from MLB Network's Studio 42 begins at 7 p.m., with the top 77 picks broadcast on MLB Network and streamed on MLB.com.

Friday: MLB.com's exclusive coverage of Day 2 begins with a live Draft show at 12:30 p.m. and takes you through Rounds 3-10 with live analysis from Jim Callis, Jonathan Mayo and former Major League general manager Jim Duquette.

Saturday: Exclusive coverage of Day 3 begins at noon on MLB.com and takes you through the end of the Draft.

Each day, MLB.com's coverage includes Draft Central, the Top 200 Draft Prospects list and Draft Tracker, a live interactive application that includes a searchable database of more than 1,500 Draft-eligible players.

Every selection will be tweeted live from @MLBDraftTracker, and you can also keep up to date by following @MLBDraft. And get into the Draft conversation by tagging your tweets with #mlbdraft.

Complete Draft order

Who has the top pick?
The Phillies. It is just the second time in franchise history they've picked first. In 1998, Philadelphia selected University of Miami outfielder Pat Burrell No.1 overall. Burrell hit 251 home runs in nine seasons for the Phillies, fourth most in franchise history.

Phillies hope to alter team fortunes with No. 1 pick

• There are six likely candidates, with Mercer outfielder Kyle Lewis (MLBPipeline.com's No. 3-ranked prospect) and Mickey Moniak (No. 5), a prep outfielder from Southern California as the leading contenders. Beyond that, Mayo sees Florida left-hander A.J. Puk (No. 4), Louisville outfielder Corey Ray (No. 6), Tennessee third baseman Nick Senzel (No. 7) and California prep outfielder Blake Rutherford (No. 8) as being in the mix. Another name that will probably be mentioned, though he doesn't appear to be a contender to go first overall, is Pipeline's No. 1-ranked prospect, Jason Groome, a high school lefty from Southern New Jersey.

Who has the most money to spend on signing bonuses in the first 10 rounds?
The Reds ($13,923,700). Even though they don't pick first, the Reds have a pick in Lottery Round A and the Phillies do not, which is the main reason why Cincinnati's pool is larger. Six additional picks at the end of both the first (Lottery Round A) and second rounds (Lottery Round B) are awarded to teams via the Competitive Balance Lottery. Teams that have either one of the 10 smallest markets or 10 smallest revenue pools are eligible.

How is this money allotted?
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. There are penalties for exceeding your bonus pool.

Full explanation of bonus pools, rules

Who has the least to spend?
The Cubs ($2,245,100), mostly because they forfeited their first- and second-round picks to sign free agents John Lackey and Jason Heyward. They are the only club that does not have a pick on the first day of the Draft, and they don't have a selection until the third round (104th overall).

Which teams have the most first-round picks?
The Padres (Nos. 8, 24 and 25) and Cardinals (23, 33, 34) each have three first-round picks. The Padres received their two compensatory picks when Justin Upton and Ian Kennedy declined qualifying offers and signed with the Tigers and Royals, respectively. The Cardinals received their picks as a result of Lackey and Heyward signing with the Cubs.

Which other teams have multiple first-round picks?
The White Sox (10, 26), Mets (19, 31), Dodgers (20, 32) and Nationals (28, 29).

Which teams are without a first-round pick?
The D-backs (39th overall), Giants (59), and Royals (67) all have to wait until the second round. As noted, the Cubs are the only team without a pick on Day 1 of the Draft.

Joe Trezza is a reporter for MLB.com based in New York. Follow him on Twitter at @joetrezz. This story was not subject to the approval of Major League Baseball or its clubs.