Yankees player’s agent offers a $325 million clue on cost of new contract

admin | February 29, 2024 | Other Clubs | No Comments

The New York Yankees made a blockbuster trade by acquiring Juan Soto, a 25-year-old outfielder who significantly boosts their star-studded lineup.

With Soto scheduled to face free agency at the end of the season, the team will need to pay a high asking price to retain him beyond this season, as an extension before then is improbable. Scott Boras, Soto’s agent, previously speculated that the price might be based on the Los Angeles Dodgers’ record agreement for 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 wrote 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 implied that Soto’s next contract will exceed $325 million or that he aims to surpass the MLB record set by Yamamoto, who was the highest-paid pitcher in history.

Will the New York Yankees Strike a Long-Term Deal With Juan Soto?

The Yankees and Soto smashed an MLB record by agreeing to a $31 million contract for the 2024 season to avoid arbitration.

Shohei Ohtani now holds the MLB deal record, receiving $700 million from the Los Angeles Dodgers in December 2023. Ohtani, a two-way player, has the potential to earn more than Yankees teammate Aaron Judge ($360 million) in 2022 or Mike Trout’s $425 million agreement 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.

Both Soto and the Yankees appear to be waiting to see how the 2024 season unfolds before really considering a new contract. However, owner Hal Steinbrenner did make a brief comment about the possibility of awarding the new player a larger contract than Judge.

Steinbrenner stated, “I’m not sure Judge would care if (it meant) we got Juan Soto for many years to come,” according to the New York Daily News. “But the market is what the market is and he’s going to cost what he costs.”

Spotrac estimates Soto could receive a 12-year, $408 million contract at the peak of his career.

The New York Mets Could Compete With the New York Yankees to Sign Juan Soto

As Soto approaches free agency, the Yankees’ crosstown rival has emerged as an early favorite to sign him to a long-term contract.

According to USA Today’s Bob Nightengale, the New York Mets are anticipated to be among the top contenders for free agent outfielder Juan Soto next winter.

Assuming the Yankees are ready to pay whatever it takes to get Soto back after the season, their best chance may be a World Series run in 2024.