The “Cohen tax” apparently cannot slow down Steve Cohen’s New York Mets.
Cohen, who bought the Mets for $2.4 billion in 2020, has taken his spending on the team to unprecedented heights — despite an added luxury tax threshold in the latest collective bargaining agreement unofficially named for the well-heeled hedge-fund trader.
The tax requires him to pay 90 cents for every dollar above $293 million in payroll — which means the Mets are on the hook for an estimated $375.5 million against the luxury tax in 2023 and around $111 million in luxury tax payments.
Cohen filled out the starting rotation with Justin Verlander ($86.7 million over two years plus an option), Kodai Senga ($75 million, five years), and Jose Quintana ($26 million, two years) and re-signed Brandon Nimmo ($162 million, eight years), Edwin Diaz ($102 million, five years), and Adam Ottavino ($14.5 million, two years), among others.
The Amazins weren’t alone in cutting big checks: A strong free-agent class and changes to the collective bargaining agreement drove lavish spending across the league.
The neighboring New York Yankees kept Aaron Judge in the Bronx for nine years at $360 million and inked ace Carlos Rodon for $162 million over six years.
The Philadelphia Phillies signed Trea Turner ($300 million, 11 years) and Taijuan Walker ($72 million, four years). The San Diego Padres brought in Xander Bogaerts ($280 million, 11 years), and a handful of supporting cast.
MLB teams gave out a collective $3.7 billion in guarantees to 140 free agents. Starting today, we’ll find out who got their money’s worth.
Offseason Spending
| Team | Free Agents Signed | Spending |
| New York Yankees | 5 | $574,500,000 |
| New York Mets | 9 | $423,166,666 |
| Philadelphia Phillies | 5 | $399,000,000 |
| San Diego Padres | 8 | $380,000,000 |
| Chicago Cubs | 10 | $310,520,000 |
| Texas Rangers | 5 | $247,500,000 |
| Minnesota Twins | 4 | $243,000,000 |
| San Francisco Giants | 6 | $174,000,000 |
| Houston Astros | 3 | $105,000,000 |
| Chicago White Sox | 3 | $90,000,000 |
| Toronto Blue Jays | 4 | $89,800,000 |
| St. Louis Cardinals | 2 | $87,500,000 |
| Boston Red Sox | 7 | $87,050,000 |
| Los Angeles Angels | 5 | $78,250,000 |
| Los Angeles Dodgers | 7 | $53,300,000 |
| Tampa Bay Rays | 1 | $40,000,000 |
| Cleveland Guardians | 2 | $39,000,000 |
| Oakland A’s | 6 | $37,000,000 |
| Kansas City Royals | 5 | $34,150,000 |
| Pittsburgh Pirates | 6 | $30,375,000 |
| Miami Marlins | 2 | $25,500,000 |
| Arizona Diamondbacks | 5 | $25,000,000 |
| Washington Nationals | 6 | $23,250,000 |
| Baltimore Orioles | 3 | $23,000,000 |
| Detroit Tigers | 2 | $18,500,000 |
| Colorado Rockies | 4 | $18,250,000 |
| Cincinnati Reds | $13,925,000 | |
| Seattle Mariners | 3 | $8,920,000 |
| Milwaukee Brewers | 5 | $7.500,000 |
| Atlanta Braves | 3 | $3,015,000 |
| 140 | $3,691,471,666 |
