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Juan Soto has agreed to a 15-year, $765 million deal with the New York Mets, according to multiple reports. It breaks Shohei Ohtani’s record for the largest player contract in sports history, and unlike Ohtani’s Dodgers deal, it reportedly contains no deferred money.
It also contains escalators that could take it over $800 million, according to ESPN. Soto is coming off a stellar year with the Yankees, who reportedly finished runners-up in the sweepstakes for the Scott Boras client.
The Yankees reportedly offered just a hair less—$760 million over 16 years. That’s about $3.5 million less yearly than the record-breaking average annual value that Soto ultimately received. Steve Cohen’s Mets are now set to pay the 26-year-old Soto $51 million per year until the late 2030s—unless he opts out of the deal. The Athletic reports he can do so after the fifth season when he would be 31. ESPN reports the Mets will have an opportunity to void the 2029 opt out—by raising his annual salary from $51 million to $55 million. That would add $40 million to the guaranteed money, bringing it to $805 million.
Soto’s free agency at the age of 26 was a significant factor, as most free agents are around 30, as Ohtani was last offseason. That, alongside his consistent offensive excellence, provided the outfielder with immense leverage.
Mind-Boggling Math
At a basic level, this looks like a slight increase on Ohtani’s $700 million deal, with a lower yearly salary but a longer term. However, the lack of deferrals transforms any calculation. Ohtani will only make $20 million during the term of his contract, with the rest coming starting in 2034. As a result, MLB assessed his contract value as $460 million, lowering the salary tax number the Dodgers have to account for. Soto wound up clearing that figure by $305 million. Essentially, Soto’s new deal exceeded Ohtani’s in present value by the sum of the biggest contract in NBA history (Jayson Tatum—five years, $315 million).
Additionally, according to the New York Post, $75 million of the deal is granted to Soto as a signing bonus. Depending on where he declares his residency, he could avoid paying New York state and city taxes on that sum, making the true number even higher.
New York, New York
The Mets had MLB’s highest tax payroll in 2024, at $348 million. That was effectively cut in half after the season, to $173 million. Soto’s addition will once again bring them near the top of the spending list (to third, below the Dodgers and Phillies), and they likely have more planned.
The Yankees have $199 million accounted for (now fourth, between the Mets and Padres), but the defending American League champions also have a significant gap in their lineup. There isn’t another player available capable of what Soto can do, but they could target free agents like Anthony Santander or Teoscar Hernandez as less expensive options who, while not stars, are capable hitters.
