PHOENIX (AP) -- Shortstop Stephen Drew, Arizona's top draft pick last year, has been assigned to Lancaster of the Class A California League after signing a five-year, $5.5 million contract just minutes before the Diamondbacks would have lost his rights.

The deal, which could grow to $7.5 million if incentives are met, was reached Monday night, just before the midnight EDT deadline for signing last year's picks. Had an agreement not been reached, Drew would have re-entered the June 7-8 draft.

"We're extremely pleased to have Stephen be a Diamondback," managing partner Ken Kendrick said. "He's an engaging young man and a player we'll hopefully see in the major leagues in the near future."

The deal essentially is the one the Diamondbacks had offered all along.

"This signing has taken almost a year but should prove to be worth the wait," Arizona scouting director Mike Rizzo said. "Our strategy was to select the best player available and Stephen certainly fit the bill."

Drew, the 22-year-old younger brother of Los Angeles Dodgers outfielder J.D. Drew, was widely considered the top position player in last year's draft, but slid to Arizona's No. 15 pick because teams worried about their ability to sign him. Stephen, like his brother, is represented by Scott Boras, one of the hardest-driving agents in sports.

Drew was one of the two remaining first-round picks who went down to the wire before agreeing to deals. Pitcher Jered Weaver signed with the Los Angeles Angels on Monday night. Weaver, younger brother of Dodgers pitcher Jeff Weaver, also is represented by Boras.

The Diamondbacks had expressed pessimism a month ago about their ability to sign Drew, but the two sides talked into the night on Monday to reach an agreement.

"Our persistence in the pursuit of the deal is indicative of our confidence in his talent and his future," general manager Joe Garagiola Jr. said in a statement Tuesday announcing the signing.

Drew hit .344 with 17 home runs and 56 RBIs for Florida State in 2004. He withdrew from classes last August to prepare for a pro career. But as negotiations with the Diamondbacks stalled, he signed with the Camden Riversharks of the independent Atlantic League.

On Monday, he was 3-for-4 with a grand slam in his final game with Camden.

In 19 games with the Riversharks, Drew hit .427 with eight doubles, three triples, four home runs and 18 RBIs.

The Diamondbacks were concerned that the younger Drew would follow the path taken by his older brother. J.D. Drew sat out an entire season rather than sign with the Philadelphia Phillies in 1997. He re-entered the draft and was picked by the St. Louis Cardinals the following year.

Another of Drew's brothers, Tim, was a first-round pick of Cleveland and now pitches for the Colorado Rockies' Triple-A team in Colorado Springs.

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