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The New York Yankees and Juan Soto have agreed to a one-year, $31 million contract that sets a new record for an MLB player facing arbitration. The previous record was set by the highest-paid player in North American sports history, Shohei Ohtani, who received $30 million in a similar process last year.
“Soto’s deal breaks the record for an arbitration-eligible player, which was set last year by the Los Angeles Dodgers superstar Shohei Ohtani, who agreed to a $30 million contract with the Los Angeles Angels,” Chris Kirschner and Brendan Kuty reported for The Athletic.
MLB players become eligible for “salary arbitration” if they are facing the final year of their current contracts and meet certain other criteria. In this process, they negotiate over their salaries with their respective clubs using the recent contract figures of comparable players. If the two sides cannot agree on a figure before an annual deadline, a hearing takes place and a panel selects an appropriate salary figure.
As Soto has some of the best early-career production in baseball history, it seems he has earned the record-breaking arbitration deal from a Yankees club that is already laser focused on signing him to a major extension after this season.
“It seems very unlikely the Yankees will be able to lock Soto up to a long-term contract anytime before Opening Day,” per CBS Sports. “Instead, they’ll likely have to win a free agent bidding war next offseason to retain him.”
Reaching a lucrative deal without having to face an arbitration hearing seems like a good start for the Yankees in the upcoming Soto sweepstakes.
Juan Soto Projected to Receive $500 Million Contract for 2025, Beyond
The competition for Soto’s services is likely to be intense, as he is currently among the leaders to win an American League MVP award next season, according to the latest odds.
In six MLB seasons, the 25-year-old, left-handed superstar has slashed .284/.421/.524, averaging 33 homers and 100 RBI per year.
After signing a record-setting arbitration deal, it seems that Soto could be in line for an eye-popping extension next season.
“If Soto continues his torrid early-career pace, then it’s easy seeing him cross the half-billion mark,” Paul Kasabian wrote for Bleacher Report. “That may be too rich even for the Yankees, who have hundreds of millions already committed down the road to players such as Gerrit Cole and Aaron Judge. Then again, the Yankees have always been at or near the top of payroll lists.”
Other Notable MLB Arbitration Deals in 2024 & of All Time
The 2024 MLB arbitration deadline saw a slew of blockbuster deals as contract figures grow in general and clubs look to finalize their biggest roster pieces ahead of Opening Day. Among the biggest deals were agreements between the New York Mets and Pete Alonso ($20.5 million), the Milwaukee Brewers and Corbin Burnes ($15.6 million), Max Fried and the Atlanta Braves ($15 million), the Cleveland Guardians and Shane Bieber ($13.125 million) and the Chicago White Sox and Dylan Cease ($8 million).
Here’s how Soto’s one-year deal stacks up with the other largest arbitration figures in MLB history:
- Juan Soto, New York Yankees in 2024: $31.5 Million
- Shohei Ohtani, Los Angeles Angels in 2023: $30 million
- Mookie Betts, Los Angeles Dodgers in 2020: $27 million
- Nolan Arenado, Colorado Rockies in 2019: $26 million