The New York Yankees are facing intense competition to re-sign superstar Juan Soto, with teams like the New York Mets and Boston Red Sox among those aggressively pursuing the elite slugger. According to Jon Heyman of the New York Post, Soto is positioned to secure a contract in the range of $700 million, potentially rivaling the historic deal Shohei Ohtani signed with the Los Angeles Dodgers in 2023. Soto has reportedly met with several teams, including the Mets and Red Sox, in Southern California this week.
Potential Record-Breaking Deal
Heyman suggests that Soto’s deal could set new financial benchmarks, possibly eclipsing Ohtani’s unique deferred contract:
“Soto’s deal could reach $600 million or even $700 million in non-deferred money,” Heyman wrote in his November 16, 2024, article titled “Steve Cohen, Mets Have ‘Very Detailed’ Meeting with Juan Soto in California.”
Ohtani’s $700 million contract includes significant deferred payments, with its present value estimated between $437 million and $470 million. Soto, on the other hand, could demand a fully non-deferred structure, which would make his contract even more lucrative in terms of immediate value.
Deferred Payment Options on the Table
One potential avenue for Soto is to adopt a deferred contract structure, which would allow him to receive a substantial portion of his earnings after retirement. This approach mirrors Ohtani’s deal, where he opted to defer over 97% of his annual salary.
Logan Reardon of NBC Los Angeles highlighted this in his December 12, 2023, article:
“Rather than receiving the full amount annually, Ohtani will collect his deferred salary over 10 years post-contract.”
For Soto, a similar strategy could ensure financial security well beyond his playing days, but it remains unclear whether he would prefer immediate payouts.
Mets Emerge as Serious Contenders
The New York Mets, led by billionaire owner Steve Cohen, are reportedly ready to outbid rivals to land Soto. With substantial payroll flexibility and an aggressive approach, the Mets have positioned themselves as a serious threat in the Soto sweepstakes.
Heyman notes that Cohen’s financial clout and willingness to operate at a deficit could play a pivotal role:
“Cohen has shown a readiness to operate in the red, as he has in past seasons, to bring sustained success to Queens. The Mets also have $150 million coming off their books, providing additional flexibility.”
This aligns with the Mets‘ broader strategy of building a championship-caliber team, having recently reached the NLCS and boasting the highest payroll in MLB over the past two seasons.
Yankees Remain in the Fight
Despite the Mets’ aggressive push, the Yankees are far from conceding defeat. Soto, who earned $31 million with the Yankees in 2024, remains a cornerstone of their future plans. The Yankees are reportedly planning their own meeting with Soto in California, underscoring their intent to retain the 25-year-old superstar.
The Boston Red Sox and Toronto Blue Jays have also entered the fray, making Soto’s decision even more compelling as he weighs his options.
What’s Next for Soto?
As the MLB offseason heats up, Soto’s free agency has become the most closely watched storyline. Whether he chooses to stay with the Yankees or jump ship to a rival like the Mets or Red Sox, one thing is clear: Soto’s next contract will reshape the landscape of baseball finances.
With negotiations ongoing and offers potentially exceeding $700 million, the stage is set for Soto to sign one of the richest deals in sports history.
