We still don’t know which team Juan Soto will choose in free agency, but we can now say that he will likely set an all-time record.
The New York Yankees and New York Mets have increased their offers for the free agent slugger to a range of between $710 million and $730 million, according to Jon Heyman of the New York Post. If Soto signed a deal with that number, he would break the record for the largest known contract in sports history.
Heyman also reports that the bidding could end in a day or two, just as the MLB winter meetings begin.
The current contract record holder is, of course, Shohei Ohtani and the 10-year, $700 million contract he signed with the Los Angeles Dodgers last offseason. Soto likely won’t touch the $70 million average annual value record that Ohtani set, as his contract is expected to last more than a decade.
On the other hand, Soto’s contract could be significantly more valuable if his contract doesn’t include deferrals like Ohtani’s, which MLB values as a $460 million deal for luxury tax purposes.
Juan Soto’s draw is getting silly
A big question now is whether the Dodgers, as well as the Boston Red Sox and Toronto Blue Jays, will join the New York teams at that level of offers.
Those five teams have emerged as the leading contenders for Soto’s services in recent weeks and this report from Heyman, well known for his connection to Soto’s agent, Scott Boras, could be seen as an order to present their final offers. The Mets are believed to have the current highest offer, by a narrow margin.
There are several other moving parts in the race, such as whether any team is willing to give Soto an opt-out and a chance to return to free agency in the future, a la Alex Rodriguez.
What’s at stake is not just a future Hall of Famer, but also the best years of a likely resident of Cooperstown’s inner circle. Having turned 26 just two months ago, Soto is poised to continue being one of the best hitters in the game for years to come.
Either way, Soto will be rewarded not only for the patience he has shown at the plate over the last seven years, but also for the patience he has had waiting for his payday. He turned down at least one offer over $400 million from his former team, the Washington Nationals, and is now on the verge of surpassing that figure by hundreds of millions of dollars.
It certainly helps when all of MLB’s biggest financial weights have decided to make you a priority, except perhaps the Dodgers, who could be making sure they don’t miss out on a deal if Soto decides he would enjoy the other perks. they would offer themselves as a burgeoning super team.