The MLB draft isn't like the rest of its major professional sports counterparts.

For one, it takes place in the middle of the baseball season. It's also longer, with more rounds and more types of draft picks. There are more complications based on the strength of a team's farm system, how much money it wants to spend and whether an amateur player selected elects to go to college instead of beginning a professional career right out of high school.

The 2024 MLB draft is scheduled to take place July 14-16 at Cowtown Coliseum in Fort Worth, Texas. Here's what you need to know about the unique set-up to baseball's draft:

2024 MLB MOCK DRAFT: Latest projections for every Round 1 pick

How many rounds are in the MLB draft?

The MLB draft consists of 20 rounds of picks. The first round will take place on Sunday, beginning at 7 p.m., and will be televised on ESPN and MLB Network. Rounds 3-10 are slated for Monday and Rounds 11-20 will take place on Tuesday.

What are competitive balance picks?

Implemented as part of MLB's Collective Bargaining Agreement that went into effect in 2012, competitive balance picks are used as a way to help MLB teams from the 10 smallest markets and the 10 MLB teams with the lowest revenue in MLB. Fewer than 20 team are eligible, because some qualify under both categories.

All eligible teams are assigned a pick, in either Competitive Balance Round A or Competitive Balance Round B. Round A occurs between the first and second rounds, while round B takes place between the second and third rounds. Teams that draft in the competitive balance rounds also receive more international bonus pool money than the minimum of $4.75 million. This year, that means competitive balance round A teams will receive $5.25 million, while competitive balance round B teams get $5.75 million.

Since 2017, MLB has used a formula that combines revenue, winning percentage and market score to award competitive balance round draft picks to teams. There were 14 teams eligible in 2024, although only 13 of them have selections in the competitive balance rounds this year.

The Milwaukee Brewers (No. 34 overall), Arizona Diamondbacks (35), Cleveland Guardians (36), Pittsburgh Pirates (37), Colorado Rockies (38) and Kansas City Royals (39) each have Competitive Round A picks. The Tampa Bay Rays (No. 66 overall), Brewers (67), Chicago White Sox (68), Minnesota Twins (69), Miami Marlins (70), Cincinnati Reds (71), Detroit Tigers (72) and Oakland Athletics (73) each have Competitive Round B picks.

What are compensation picks?

If a team that is a revenue-sharing recipient loses a qualifying free agent to another team for a contract worth more than $50 million overall, the team is awarded a pick between the first round and Competitive Balance Round A. This season, the Minnesota Twins (No. 33 overall) qualified after pitcher Sonny Gray signed a three-year, $75-million contract with the St. Louis Cardinals. St. Louis, in turn, had to forfeit its second-round pick to sign Gray.

Additionally, if a team that loses a qualifying free agent does not receive revenue sharing and did not exceed the luxury tax salary threshold the previous season, it is awarded a compensatory pick after Competitive Balance Round B. The Los Angeles Angels (No. 74 overall) were awarded a pick after Shohei Ohtani signed a record 10-year, $700-million contract with the Los Angeles Dodgers this offseason. The Dodgers had to forfeit their second- and fifth-round picks to sign Ohtani.

If a team that loses a qualifying free agent does not receive revenue sharing and did exceed the luxury tax threshold the previous season, it is awarded a compensatory pick after the fourth round. The San Diego Padres (No. 134 and 135 overall) and the Toronto Blue Jays each received additional selections as a result of this clause.

The Padres' two picks were the result of losing reigning Cy Young winner Blake Snell to a two-year, $62 million contract with the San Francisco Giants and All-Star closer Josh Hader to a five-year, $95-million contract with the Houston Astros. The Astros forfeited a second-round pick to sign Hader and the Giants gave up a third-round pick to sign Snell.

Toronto received a compensation pick when third baseman Matt Chapman signed a three-year, $54-million contract with San Francisco. The Giants forfeited their second-round pick in the 2024 draft for Chapman.

What are prospect promotion incentive picks?

If a player who is on a team's Opening Day roster was rated as a preseason top 100 prospect by at least two of three designated ranking lists (MLB Pipeline, Baseball America, and/or ESPN) and goes on to win MLB's Rookie of the Year Award, that club is awarded a prospect promotion incentive selection after the first round.

This year, the Arizona Diamondbacks (No. 31 overall) and Baltimore Orioles (32) were awarded picks because of this clause. Outfielder Corbin Carroll was named National League Rookie of the Year with Arizona last season and shortstop Gunnar Henderson earned American League Rookie of the Year honors in Baltimore.

Can MLB teams trade draft picks?

Teams are only allowed to trade competitive balance round picks, according to MLB draft rules.

This year, for instance, the Milwaukee Brewers acquired a Competitive Balance Round A pick from Baltimore as part of a trade for pitcher Corbin Burnes. The Chicago White Sox acquired a Competitive Balance Round B pick from the Seattle Mariners in a trade for pitcher Gregory Santos.

This article originally appeared on Austin American-Statesman: How many rounds is the MLB draft? Format, more to know