The New York Yankees have made it clear they want to re-sign Juan Soto, however, there is one hurdle standing in the way.
Soto completed his one-year $31 million deal with the Yankees and he officially became a free agent on November 4. The star outfielder is the top free agent available. Insider Bryan Hoch who covers the Yankees for MLB.com believes the payroll is the biggest hurdle that could keep Soto from re-signing.
“The Yankees would love to bring Soto back, and they’ll likely make a competitive offer. But, managing general partner Hal Steinbrenner has already said that the club’s 2024 payroll was “unsustainable” long term,” Hoch wrote in his article. “Soto seemed to enjoy his year in pinstripes. But, if he intends to score a record-setting deal (one report had his target at $700 million), chances are that the Yankees won’t have the top bid on the table.”
As Hock wrote, Soto could get up to $700 million, if the 2024 payroll is not sustainable then a raise for Soto on a long-term deal with the Yankees could be unlikely.
However, Hoch does point to other money coming off the books for the Yankees that could be put toward Soto’s deal. But, that in turn, would make New York a weaker team.
“So much of the Yankees’ offseason hinges upon a decision from Soto. But, they do have other money coming off the books,” Hoch wrote. “Hill, Holmes, Kahnle, Loáisiga, Rizzo, Torres, Trivino and Verdugo account for a total of more than $50 million in 2024 payroll that can be redistributed to fill needs.”
Soto hit .288 with 41 home runs and 109 RBIs in 157 games with the Yankees last season.
Juan Soto Eyeing Historic Contract
Soto is just 26 years old and is a generational player at his young age.
Given Soto could have 12-plus years of being an elite player he could get a heft contract in free agency. According to MLB insider Jon Heyman of The New York Post, he believes Soto is looking for $700 million in free agency.
“Top free agent hitter Juan Soto’s new magic number is thought to be $700M (or more). And that’s a solid $700M,” Heyman wrote. “Not the record $700M contract that’s 97 percent deferred that Japanese superstar Shohei Ohtani received from the Dodgers.”
Heyman claims up to 11 MLB teams checked in with Soto’s camp since he became a free agent. Soto also said after the World Series loss that he would be open to signing with all 30 MLB teams.
“I’m really happy with the city, with the team. But, at the end of the day, we will see,” Soto said after Game 5 of the World Series. “We’re going to look at every situation, every offer that we get. I don’t know what teams want to come after me, but definitely, I’ll be open to listen to every single team. I don’t have any doors closed or anything like that, so we’re going to be available for all 30 teams.”
In the playoffs, Soto hit .327 with 4 home runs and 9 RBIs.
Which Teams Besides The Yankees Will be Interested in Soto?
The Yankees have already shown their interest in re-signing Soto. But, besides them, several other MLB teams will have interest in the star outfielder.
In Heyman’s article, he mentioned six teams who are serious in trying to sign Soto.
“While the Yankees are the highest-revenue team in at least their league, the improving, crosstown Mets, with MLB’s wealthiest owner, Steve Cohen, who’s expected to go for Soto. The well-run Dodgers, whose financial condition improved with the revenue-generating Ohtani deal, have the wherewithal, too,” Heyman wrote. “Big-market teams like the Giants, Blue Jays and Red Sox are expected to check-in. And, word shockingly is two small-market teams already have.”
Soto can officially sign with a new MLB team after becoming a free agent at 5 p.m. ET on November 4.
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Insider Reveals Yankees’ Biggest Obstacle to Re-Signing Juan Soto