The New York Yankees pulled off the biggest blockbuster trade of the offseason by adding Juan Soto, a 25-year-old outfielder who dramatically improves their star-studded batting order.
But with Soto set to hit free agency at season’s end, the team will have to meet a hefty asking price if they are going to retain him beyond this upcoming season, as an extension before then seems highly unlikely. Soto’s agent Scott Boras recently hinted that the price would be based on the record deal the Los Angeles Dodgers gave to free agent pitcher Yoshinobu Yamamoto.
“Boras said he would not discuss potential dollars — but noted that Soto would be a free agent after his age-25 season and (asked,) ‘Did you see what (Yoshinobu) Yamamoto got?’” Joel Sherman reported for the New York Post. “It was an allusion that without ever pitching an inning in MLB, Yamamoto (not a Boras client) topped (Gerrit) Cole’s $324 million pitching record contract at $325 million, in part because organizations will go to huge levels for the combination of youth and talent.”
Boras may have been suggesting that Soto will expect more than $325 million on his next contract, or that he expects to break an all-time MLB record, as Yamamoto did when he became the highest-paid pitcher in baseball history.
Will the New York Yankees Strike a Long-Term Deal With Juan Soto?
The Yankees and Soto already broke an MLB record when they agreed to a $31 million contract for the 2024 season to avoid arbitration.
But the overall MLB contract record now belongs to Shohei Ohtani, who received $700 million from the Los Angeles Dodgers in December 2023. Eclipsing that seems unlikely for Soto, as Ohtani is a two-way player, but he could certainly earn more than Yankees teammate Aaron Judge got ($360 million) in 2022, or even the $425 million extension Mike Trout signed with the Los Angeles Angels in 2019.
“Soto will earn $31 million this year, and it might take a $500 million-plus deal to sign him in free agency,” Pete Caldera wrote for NorthJersey.com.
Both Soto and the Yankees seem to be waiting to see how the 2024 season goes before earnestly discussing a new contract. But owner Hal Steinbrenner did briefly comment on the potential of giving the new addition a bigger contract than Judge’s.
“I’m not sure Judge would care if (it meant) we got Juan Soto for many years to come,” Steinbrenner said, according to the New York Daily News. “But the market is what the market is and he’s going to cost what he costs.”
Based on his market value, Spotrac projects Soto could earn a 12-year, $408 million contract for the prime of his career.
The New York Mets Could Compete With the New York Yankees to Sign Juan Soto
As Soto heads toward the open market, the Yankees’ crosstown rival has been identified as an early candidate to lock him up on a long-term deal.
“The (New York) Mets are not only expected to strongly pursue, but could be among the favorites for outfielder Juan Soto when he’s a free agent next winter,” Bob Nightengale reported for USA Today.
Assuming the Yankees are willing to match any price to bring Soto back after the season, perhaps their best hopes of doing so lie in the prospect of a World Series run in 2024.
