Juan Soto made it clear that he would prioritize signing with the highest bidder when he entered free agency following the New York Yankees’ loss in the World Series. True to his word, Soto reached a historic agreement with the New York Mets on Sunday night, securing a 15-year, $765 million contract. This deal shatters the previous record for the largest contract in sports history.
The Yankees, Boston Red Sox, and Toronto Blue Jays each made offers of at least $700 million, but the Mets ultimately surpassed them with an offer just $5 million higher than the Yankees’ bid, which was a 16-year, $760 million contract, according to a high-ranking Yankees official.
Although the Mets’ offer was just $5 million more than the Yankees’, the annual average salary of their contract is significantly higher, with the Mets offering $51 million per year compared to the Yankees’ $47.5 million AAV. Additionally, the Mets’ deal includes no deferred money, a $75 million signing bonus, and an opt-out clause after the fifth year.
As if the contract wasn’t already massive, it could potentially reach $805 million, according to a source with direct knowledge of the deal. The Mets have the option to void Soto’s buyout if they raise his salary from $51 million to $55 million starting in 2030, with this increase lasting for 10 years.
Juan Soto’s new contract surpasses any deal in baseball history by over $300 million.
Last year, Shohei Ohtani signed a 10-year, $700 million contract with the Los Angeles Dodgers, but with $680 million deferred, the current value of the contract is around $460 million.
Mets owner Steve Cohen, who holds the title of the wealthiest owner in baseball with an estimated net worth of $21 billion, flexed his financial muscle by ensuring that he wouldn’t be outbid for Soto.
Steve Cohen sees acquiring Juan Soto as a smart investment, not only helping the Mets step out of the Yankees’ shadow in New York but also giving a significant boost to ticket sales. The Mets experienced the biggest attendance drop in the National League last season, drawing 2.5 million fans—244,526 fewer than in 2023—despite making it to the NLCS. With Soto now on the team, they expect a sharp increase in season ticket sales, aiming to surpass 3 million fans for the first time since 2009.
This is why executives have said the Mets were seen as the “clear-cut favorites” to land Soto, confident that Cohen would not let the opportunity slip away.
As Juan Soto was informing the Mets of his decision to join them, the Washington Nationals’ front office was dining at the Anatole Hotel, reflecting on the 2 ½ years since they had offered Soto a 15-year, $440 million deferred contract.
Soto’s decision to reject that offer turned out to be one of the best financial moves, akin to an investment in Tesla. It also became one of the Nationals’ most strategic decisions, as trading Soto to San Diego in July 2022 was the right choice, knowing they couldn’t afford to extend his contract.
While there were rumors that Soto was aiming for a $500 million deal—and possibly even pushing for $600 million after Shohei Ohtani’s contract—no one anticipated Soto would reach $700 million, especially with four teams still in the race. The Mets added $30 million to their previous offer on Sunday.
Who could have predicted that the Mets would end up paying Soto more than double the amount that MVP Aaron Judge received from the Yankees in his nine-year, $360 million contract two years ago?
The focus now shifts to how the teams that missed out on Soto will respond. The Yankees are expected to make a strong push for free-agent first baseman Christian Walker, pursue third baseman Alex Bregman, and possibly trade for Chicago Cubs outfielder/first baseman Cody Bellinger. The Red Sox are targeting starting pitchers Max Fried or Corbin Burnes, the latter of whom is also being courted by the San Francisco Giants. Boston is aiming to secure at least one of them and may explore a trade for St. Louis Cardinals third baseman Nolan Arenado. Meanwhile, the Blue Jays are eyeing sluggers Anthony Santander or Teoscar Hernandez.
As the winter meetings unfold, the dominoes will begin to fall. But when everything settles, the Mets will still be the ones with the biggest smile, having secured the biggest prize in the free-agent market.
