Goosegg - Excellent post. I remember brain-storming this topic with you eight years ago (prior to our sons headed to college), and thinking to myself that this is way too complicated for a simple man like me. My impression is MLB designed it to be exactly that...overly complicated and a marketing coup. This program was never a consideration for my son, although he did have a couple teammates get drafted their junior years. Each one of those drafted former teammates came back (almost) immediately to finish their degrees.
The program itself requires an incredible understanding of its financial mechanics, terms and conditions, and negotiation with the teams. I think you've done a great job of bringing this issue to the surface for our readers. A tip of the cap to you. Well done.