The home grown rule allows MLS to sign those so designated players without them having to enter the draft. I believe the rule states that they have to live in a specific geographic area relative to where the MLS franchise is (maybe 100 miles?) and they need to have been in the MLS teams' academy program for at least one year. I know that at least the Seattle Sounders will offer the" back to college to get the degree thing" for home grown guys so I imagine all the others will do the same. The GenAd contracts,I think, are for four years at 100k a year and are typically only offered to the 10 or so "best " players in the country. They home grown contracts do not come with any financial stipulation as far as I know so the league minimum is at least a starting point.