Ranked as the No. 37 prospect in the Draft by MLBPipeline, the 18-year-old Downs was born in St. Andres, Colombia, but the shortstop starred at Monsignor Edward Pace High School in Miami Gardens, Fla. MLB.com's Jim Callas reports Downs receives a $1.825 million signing bonus.
Downs' mother named him after Yankees shortstop great Derek Jeter, whom the Reds passed on with their first-round pick in the 1992 Draft.
A center fielder for Wake Forest, Fairchild batted .360/.437/.640 with 17 home runs, 67 RBIs and 21 steals in 61 games this season.
Heatherly a prep left-hander out of Alabama, has a fastball that tops out at 95 mph to go along with three potentially solid secondary pitches.
According to MLBPipeline.com's Jim Callis, Fairchild's signing bonus was for the slot value of $1,802,800, and Heatherly's signing bonus was for about $300,000 over slot at $1,047,500.
Among those still unsigned for the Reds is the overall No. 2 pick, pitcher Hunter Greene.
Mark Sheldon has covered the Reds for MLB.com since 2006, and previously covered the Twins from 2001-05. Follow him on Twitter @m_sheldon and Facebook and listen to his podcast. This story was not subject to the approval of Major League Baseball or its clubs.