Major League Baseball has again expanded its sponsorship roster, this time signing Bank of America (NYSE:BAC) to a multiyear agreement as the "official bank of Major League Baseball." The nation's third-largest financial institution will be sharing the dugout with Yum! Brands' (NYSE:YUM) Taco Bell, which several weeks ago agreed to a similar arrangement as baseball's "official quick-service restaurant." Both deals come just days before baseball's premier event of the summer -- the All-Star Game.

The rookie will join seasoned baseball veterans such as Anheuser-Busch (NYSE:BUD), PepsiCo (NYSE:PEP), and Pfizer's (NYSE:PFE) Viagra. The five-year affiliation, which insiders have valued at $40 million to $50 million, provides exclusive category rights, advertising during high-profile events such as the playoffs and World Series, and signage at both major and minor league ballparks across the country, and even extends to the Little League level.

The deal will elevate the Bank of America name to baseball's center stage, giving the firm enormous exposure domestically, as well as an opportunity to leverage the sport's growing popularity in foreign markets. While the association with the big boys will no doubt garner the most publicity, the minor league and Little League sponsorships should not be overlooked. Bank of America is the first company to sign concurrent deals with all three entities.

Bank of America already has significant ties to baseball, including existing sponsorships, lead backing on a $1.4 billion credit facility used throughout the league, and individual business relationships with 10 teams. Unfortunately, other banking partnerships at the local level might present complications. Philadelphia Phillies fans may not be ready to embrace Bank of America's involvement, considering their team plays in Citizens Bank Park. Ditto reluctance by the Diamondbacks faithful in JP Morgan Chase's (NYSE:JPM) Bank One Ballpark.

Furthermore, an increasingly cluttered sponsorship landscape (which I can only assume has somewhat of a dilutive effect) is also a concern. It can be difficult for Bank of America's message to reach fans when there are a dozen other companies vying for their attention, even if they're not necessarily in direct competition.

All things considered, though, the marketing people at Bank of America deserve a standing ovation for covering all the bases -- local, regional, national, and international -- in one fell swoop. From "Bank of America Day" at relatively obscure minor league ballparks nationwide to the global spotlight of the World Series, striking this deal will keep the firm in the batter's box with a chance to connect with fans for years to come.

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Fool contributor Nathan Slaughter has his fingers crossed for a decisive National League victory. He owns none of the companies mentioned.