We still don’t know which team Juan Soto will be picking in free agency, but we can now say he will probably be setting an all-time record.
The New York Yankees and New York Mets have both upped their offers for the free agent slugger into a range between $710 million and $730 million, according to the New York Post’s Jon Heyman. If Soto were to sign a deal with such a number, it would break the record for the largest known contract in sports history.
Heyman also reports the bidding could end in the next day or two, just as the MLB winter meetings are set to begin.
The current contract record-holder is, of course, Shohei Ohtani and the 10-year, $700 million contract he signed with the Los Angeles Dodger last offseason. Soto likely won’t touch the $70 million average annual value record Ohtani set, as his contract is expected to last for well 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 is valued by MLB as a $460 million for luxury tax purposes.
A major question now is if the Dodgers, as well as the Boston Red Sox and Toronto Blue Jays, will join the New York teams in that tier of offers.
Those five teams have loomed as the top contenders for Soto’s services over the past few weeks and this report from Heyman, well known for his connection with Soto’s agent Scott Boras, could be seen as a command to submit their final bids. The Mets are reportedly believed to have the current highest offer, by a thin margin.
There are several other moving parts to the race, such as if any team is willing to give Soto an opt-out and an opportunity to double-dip in free agency down the line a la Alex Rodriguez.
At stake is not just a future Hall-of-Famer, but the prime years of a likely inner-circle Cooperstown resident. Having turned 26 years old only two months ago, Soto is poised to continue being one of the best hitters in the game for the next several years.
However it works out, Soto will be rewarded not only for the patience he has displayed at the plate for the past seven years, but also the patience he’s had in waiting for his pay day. He turned down at least one offer in excess of $400 million from his old team, the Washington Nationals, and is now poised to top that by hundreds of million of dollars.
It certainly helps when all of MLB’s heaviest financial hitters have decided to make you a priority, save perhaps for perhaps the Dodgers, who could just be making sure they don’t miss out on a deal if Soto decides he’d enjoy the other benefits they’d offer as a burgeoning super-team.
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