From The Columbian:

The 6-foot-2 right-handed Peavey, who earlier this year was rated as Washington's top professional baseball prospect by several national publications, said the Yankees made two offers that "were pretty large sums, but it just didn't feel right. School is my best bet." ...

New York's final offer "was more than I thought they'd offer for (the 24th) round. We weren't that far apart," Peavey said.

Via Ben.