We still don’t know which team will select Juan Soto in free agency, but we can now say that he will likely set an all-time scoring record.
The New York Yankees and New York Mets have both increased their offers for the free agent slugger to a range between $710 million and $730 million, according to Jon Heyman of the New York Post. If Soto were to sign a deal with such a number, it would break the record for the largest known contract in sports history.
Heyman also reports that the bidding could end in a day or two, just as the MLB winter meetings begin.
The current contract record holder is, of course, Shohei Ohtani and the 10-year, $700 million contract he signed with the Los Angeles Dodger last offseason. Soto is unlikely to reach the $70 million average annual value record set by Ohtani, as his contract is expected to last well over a decade.
On the other hand, Soto’s contract could be significantly more valuable if his contract doesn’t include a deferral like Ohtani’s, which is valued by MLB at $460 million for luxury tax purposes.
The Juan Soto sweepstakes is getting ridiculous
A key question now is whether the Dodgers, as well as the Boston Red Sox and Toronto Blue Jays, will join the New York teams in that offering.
These five teams have emerged as the top contenders for Soto’s services in recent weeks and this report from Heyman, known for his connection to Soto’s agent Scott Boras, could be seen as an order to make their final offer. The Mets reportedly have the current highest bid, by a narrow margin.
There are several other moving parts in the race, such as whether a team is willing to give Soto an opt-out and the chance to double-dip in free agency down the road, à la Alex Rodriguez.
At stake is not only a future Hall-of-Famer, but also the early years of a likely Cooperstown resident. After turning 26 years old just two months ago, Soto is poised to remain one of the best hitters in the sport for years to come.
However it turns out, Soto will be rewarded not only for the patience he has shown over the past seven years, but also for the patience he has had while waiting for his payday. He has turned down at least one offer of more than $400 million from his old team, the Washington Nationals, and is now poised to surpass that by hundreds of millions of dollars.
It certainly helps if all of MLB’s toughest financial players have decided to make you a priority, except perhaps the Dodgers, who might just make sure they don’t miss out on a deal if Soto decides he would enjoy the other benefits . they would offer as a growing super team.
