It's that time already, ladies and gentlemen.
For my list, I excluded Aroldis Chapman, who I believe has passed the 45 day requirement for this to be his rookie season.
1. Devin Mesoraco- C (AAA)- Possibly the top true catching prospect in all of baseball. His CS% is down from last year, but he's put up an .889 OPS in the pitching-friendly IL, even with his recent cooldown.
2. Yasmani Grandal- C (AA)- 2010 first-rounder showed remarkable plate patience by leading A+ in walks and hitting 10 HR, earning himself a quick promotion to Carolina.
3. Zack Cozart- SS (AAA)- There's a significant dropoff after Mes and Grandal; the rest of the prospects either lack their upside, remain raw and unrefined, or are losing value in AAA. Cozart, however, has distanced himself from the AAA pack and earned a major league promotion with a blistering first half.
4. Yonder Alonso- 1B/LF (AAA)- Remains a polished and attractive hitter, but the LF experiment has had mixed results and his numbers are a tick below average this year.
5. Robert Stephenson- SP (Draft)- 2011 first-round prep pitcher has an unusually high ceiling and stuff/polish combo; instantly becomes the highest-upside arm in the system.
6. Daniel Corcino- SP (A)- Heralded as the next Johnny Cueto, performance to date has earned his place as the best minor league arm outside of Stephenson.
7. Yorman Rodriguez- OF (A)- Continues to flash impressive tools at age 18 and is beginning to put it together after a rough start to the year.
8. Billy Hamilton- SS (A)- While he has set records with his astounding stealing ability (an incredible 64 to date), his bat has been exposed and his 26 errors are cause for mild alarm.
9. Juan Duran- OF (A)- Has shown himself Rodriguez and Hamilton's equal as a prospect with a solid .465 SLG in A-ball; appears to be putting his tools together faster than either of the two. Reports on his power have been glowing.
10. Ronald Torreyes- 2B (A)- The numbers don't lie; he has continued to tear up the lower minors, hitting .368 in A-ball and providing plus defense with some power and stealing ability. His height suggests that he will need to prove himself at higher levels to be a top-tier prospect, but has done as well as can be expected.
11. Todd Frazier- 3B/LF (AAA)- Has shown renewed power with 15 HR and has improved his previously below-average defense according to scouting reports, rejuvenating his prospect status. However, his age is an impediment to his prospect status.
12. Brad Boxberger- RP (AA)- Sports a 1.31 ERA, 0.845 WHIP, and 14.9 K/9. Last year's struggles seem to be a thing of the past for the Reds system's top relief prospect.
13. Dave Sappelt- OF (AAA)- Has mostly hit well during his playing time; however, slight numbers dropoff from last year (only a .301 AVG, though with 7 HR) and failure to improve SB numbers mean he doesn't go above here.
14. Juan Francisco- 3B/LF (AAA)- Has nothing left to prove in the minors, hitting as well as all other prospects at that level; however, time spent in the majors indicates a possible stagnation into a AAAA power hitter.
15. Gabriel Rosa- OF/SS (Draft)- Power/speed combo draws comparisons to Duran, though being a possible SS increases his upside.
16. Josh Smith- SP (A)- Old for his level and lacking in pedigree, but has put up even more impressive stats than Corcino, such as a 0.97 WHIP and 2.21 ERA.
17. Tucker Barnhart- C (A)- Has displayed incredible defensive prowess to go with a good bat so far this season, but remains relatively low-upside.
18. Ismael Gullion- SP (Rookie)- Struggled with a 7.00+ ERA in his first 2 starts in Billings; has plenty of time to adjust.
19. Neftali Soto- 1B (AA)- Rebounded from a slow start to find his swing and hit 15 HR to date; probable 40-man addition.
20. Kyle Lotzkar- SP (A)- Overall disappointing season so far, with injury problems and multiple inconsistent starts. His arm, however, still has that TOR potential if kept healthy.
Henry Rodriguez- 2B (AA)- Hot start in Bakersfield led to a quick promotion to AA.
Ryan Wright- 2B (Draft)- Polished college second baseman could make a quick impact.
Eric Campbell- 3B (AA)- Trying to redefine oneself as a prospect at age 25 (almost 26) is difficult, but his 1.121 OPS drumming of the California league deserves mention.
Donnie Joseph- RP (AA)- Horrific 8.00+ ERA has nearly eliminated him as a major prospect, despite his remarkable stuff.
Chris Valaika- 2B (AAA)- Losing value rapidly with a very poor season in Louisville.
Ryan LaMarre- OF (A+) Remains a prospect, but failure to make use of his extensive tools has caused him to blend in as organizational filler.
Edits have been made. I was sleepy when I wrote this.