Soto bet on himself turning down $440 million. He got $765M instead
Corrections and clarifications: An earlier version of this article incorrectly stated New York Mets owner Steve Cohen’s approximate net worth
DALLAS — Juan Soto made it quite clear that he was going to sign with the highest bidder when he became a free agent after the New York Yankees lost the World Series.
He was a man of his word.
Soto agreed to a staggering 15-year, $765 million contract Sunday night with the New York Mets, shattering the record for the biggest contract in sports history.
The Yankees, Boston Red Sox and Toronto Blue Jays all made bids of at least $700 million, but the Mets came in with the highest, just $5 million more than the Yankees’ 16-year, $760 million contract, a high-ranking Yankees executive told USA TODAY Sports.
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Yet, while there was only a $5 million difference overall, the annual average salary of the Mets’ contract is $51 million compared to the Yankees’ $47.5 million AAV.
The deal also does not include a penny of deferred money with a $75 million signing bonus, along with an opt-out after the fifth year.
If the contract wasn’t already big enough, it could be worth $805 million, a person with direct knowledge of the deal told USA TODAY Sports. The Mets have the right to void Soto’s buyout if they increase his salary from $51 million to $55 million beginning in 2030 for 10 years.
Soto’s deal is more than $300 million richer than any contract in the history of baseball.
Shohei Ohtani signed a 10-year, $700 million contract last year with the Los Angeles Dodgers, but with $680 million deferred, it lowered the present-day value to about $460 million.
And, just like that, Mets owner Steve Cohen, the richest owner in baseball with a net worth of about $21 billion, showed off his financial clout by refusing to be out-bid.
He also views it as a shrewd investment opportunity, not only helping the Mets escape the Yankees’ shadow in New York, but providing a significant boost at the gates. The Mets suffered the largest attendance decline in the National League last season, drawing 2.5 million fans – 244,526 fewer than in 2023 – despite ultimately reaching the NLCS. Now, they believe with Soto aboard, they’ll gain a significant uptick in season ticket sales, hoping to draw 3 million fans for the first time since 2009.
It’s the reason why executives told USA TODAY Sports two weeks ago that the Mets were the “clear-cut favorites’ to land Soto, believing that Cohen simply would not lose.
While Soto was informing the Mets that he was coming their way, the Washington Nationals front office was having dinner at the Anatole Hotel, remembering that 2 ½ years ago they had offered Soto a 15-year, $440 million deferred contract.
Soto’s declining of the offer turned out to be the best financial investment since Tesla, and perhaps the Nats’ most prudent decision by trading him to San Diego in July 2022, knowing they couldn’t afford to sign him to an extension.
While the talk was always that Soto was seeking a $500 million contract, and perhaps even broaching $600 million once Ohtani signed, no one could have imagined that he’d hit $700 million with four teams still in the bidding, with the Mets adding $30 million to their last offer on Sunday.
Then again, who ever thought that the Mets would be paying Soto more than twice the amount of money MVP Aaron Judge received two years ago from the Yankees in his nine-year, $360 million deal?
The question now is how the losing teams in the Soto sweepstakes rebound? The Yankees now are expected to make a serious push for free agent first baseman Christian Walker, make a run at third baseman Alex Bregman, and perhaps trade for Chicago Cubs outfielder/first baseman Cody Bellinger. The Red Sox are seeking to sign either starter Max Fried or Corbin Burnes, who’s being pursued by the San Francisco Giants. The Red Sox want at least Fried or Burnes, and could trade for Nolan Arenado of the St. Louis Cardinals. And the Blue Jays hope to sign slugger Anthony Santander or Teoscar Hernandez.
The dominos will soon start falling at these winter meetings, but when the dust settles, the Mets will still be the ones smiling the widest, knowing they landed the big whale in the free-agent market waters.
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