According to league officials, the average pay will be $4,667 for the season or $583 per week.
League officials say they think the policy has been successful.
Smith, 25, should have been worth between three to five times as much on the open market, league officials say.
League officials said they plan to have 16 teams by 2010.
League officials also met with every team to explain how the policy worked.
This approach became a standard practice among major league officials.
League officials believe that a deal will be reached early this morning.
Little League officials said that players would now have to be citizens of the country in which they play.
But league officials have said that the date was not soon enough.
However, a league official told me it is a club matter.