I think we need a three-part solution.
1) A first round pick is too much of a penalty. I understand the need for discouraging lazy player picking (although Fantrax would solve this), but to lose a potential Judge or Albies because you got an inning from Joe Jiminez seems imbalanced.
Therefore, I believe the penalty should be any 2nd round pick.
2) Furthermore, since the punishment should be consistent, and since not all 2nd round picks are the same, I believe that the player being punished should have 7 days in which to trade for a 2nd round pick, which can then be the punishment.
3) Since JB paid more than a second round pick, I believe his #20 pick should be reinstated, and he be allowed to pay a 2nd round pick (after trading).