Panini's minor-league deal, explained: what prospect collectors get

On September 28, Panini America and MLB Players, Inc. announced a multi-year agreement covering every active Minor League Baseball player. The first product under the deal is Three and Two Baseball, slated for November 2026.

Here is what the deal covers, what it does not, and what to check before you buy a Panini prospect card.

Who signed what

MLB Players, Inc. is the business arm of the MLB Players Association. Panini's release describes it as the exclusive group licensing agent for active Major League and Minor League players.

The deal is a group license. It lets Panini put any active minor leaguer on a card through one agreement. It is also non-exclusive, so the same players can be licensed to other card companies.

Baseball America notes the deal is similar to the one Leaf signed with minor league players last summer.

What Panini plans to make

Panini says it expects to produce up to 12 products per year featuring minor leaguers, alongside collegiate and retired players. The release names two brands that will carry them:

• Donruss Elite Extra Edition
• Prizm Baseball

Panini says details on configurations and availability will be announced closer to each release.

What the deal does not include

The license covers players. It does not cover teams.

Baseball America reports that Panini will still be prohibited from using team logos and names, as it already is for major league teams. Topps holds the exclusive contract for those marks.

So expect Panini minor-league cards to show the player without a team logo or team name. That is one way to tell them apart from Topps prospect cards at a glance.

The first product: Three and Two

Three and Two Baseball is the first release under the agreement, slated to launch in November 2026. Baseball America describes it as three cards plus two slabbed autograph or relic cards.

Panini has not announced a release day or full checklist yet. Its 2026 sell sheet lists one slabbed autograph, one slabbed memorabilia card, and three base or insert cards per box, on average. The sell sheet also lists 5 cards per pack and 1 pack per box. It does not list a price.

How to approach Panini prospect cards

A few habits help while the details roll out:

1. Wait for the official product page. Checklist and price should come from Panini, not a teaser or a presale listing.
2. Check the logo and team line. A card without team marks is not a mistake. It is how this license works.
3. Know which brand you are buying. A player can have Topps, Panini, and Leaf cards from the same season, and they are different cards.
4. Read the autograph checklist before you chase a name. A player being licensed does not mean he signed for the product.

What this post is not

This is not advice to buy or sell any box or card, and it does not guess at prices or checklists. Panini has not released product details for most of the planned releases, so check its official pages before you order. The goal is to know what this deal changes for prospect collecting, and what it leaves the same.