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The Pirates have received the fifth pick in Competitive Balance Round B in the 2014 Draft. Round B is the one that follows the second round, not the first round, so this probably wasn't the result to wish for, although at least the Pirates got something.
Last year, the Pirates got the second pick in Competitive Balance Round A -- the round that follows the first round -- and sent it to the Marlins in the Gaby Sanchez deal.