The New York Yankees are in a battle to re-sign Juan Soto in MLB free agency, but rivals like the New York Mets and Boston Red Sox are among the top suitors for the superstar slugger. New York Post’s Jon Heyman reported that Soto could land a $700 million contract, similar to what Shohei Ohtani inked with the Los Angeles Dodgers in 2023. Soto has been meeting with teams like the Mets and Red Sox in Southern California.
“It isn’t known whether official offers are being made at meetings this week, but it is all but certain the slugger will set the record for contract value currently held by Dodgers superstar Shohei Ohtani (his historically deferred $700 million deal is valued somewhere between $437M and $470M),” Heyman wrote in a November 16, 2024, story titled, “Steve Cohen, Mets have ‘very detailed’ meeting with Juan Soto in California.”
“Soto’s deal could reach $600 million, or possibly even a non-deferred $700 million. The Blue Jays and Red Sox are among other teams to sit down with Soto this week, and the Yankees are due to fly out to California for their meeting.”
An Option for Juan Soto Is to Take a Deferred Contract Receiving the Majority of His Money After His Career
Soto is headed for a raise from his $31 million salary with the Yankees in 2024. A non-deferred deal means Soto receives the money while he is still playing. Ohtani opted to receive a deferred salary, which means the star will be paid after his playing career.
“Ohtani has opted to defer over 97% of his annual salary throughout his 10-year deal,” NBC Los Angeles’ Logan Reardon detailed in a December 12, 2023, story titled, “Explaining Shohei Ohtani’s Dodgers contract, breaking down deferred money in MLB.”
“Instead of receiving it in full each year, the Japanese sensation will get the rest of his money in the 10 years after his contract expires.”
The Mets Are Willing to Break the Bank for Yankees Star Juan Soto: Insider
The backdrop for this $600 to $700 million range is that the Mets appear to feel confident with how the meeting with Soto went. Do the Mets really have a chance to pry the slugger away from their crosstown rival? Heyman explained that Mets owner Steve Cohen is potentially willing to operate in the red in order to land a player like Soto.
“Though the Yankees are the incumbent, the Mets hold a few edges, starting with Cohen’s considerable wherewithal and his determination to bring a sustainable winner to Queens,” Heyman added. “The Mets, who’ve had MLB’s highest payroll the past two seasons, also made it to the NLCS this season and appear to be on the upswing.
“Cohen is viewed as their biggest edge, as he’s shown a willingness to operate in the red, and is believed to have done so the past couple seasons in an effort to bring a winner to Queens. Additionally, they have $150M coming off their books, which also doesn’t hurt.”
Regardless of the Mets’ offer, the Yankees are sure to have some say in Soto’s final decision.
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Juan Soto Could Sign Massive $700 Million Contract as Yankees’ Rival Looms