DALLAS — Now that Juan Soto has agreed to sign with the New York Mets for a record $765 million over 15 years, the New York Yankees have a similar amount left on the table to spend on a bevy of free agents.
Think third baseman Alex Bregman, pitcher Max Fried and first baseman Pete Alonso just to begin with. As the annual Winter Meetings kicked into full gear Monday, let the bidding begin.
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The Yankees’ final offer to retain Soto, the uber-talented free agent outfielder, was for 14 years, $760 million. The defending American League champions are now back on the market needing a first baseman, second baseman, third baseman, outfielder, a closer and at least one starter.
Their one-time closer Clay Holmes also officially signed with the Mets on Monday for three years, $38 million.
Though veteran general manager Brian Cashman didn’t name names on Monday, he did say he was ready to deal.
“We have big money guys, and we just want to add quality players around them,” Cashman said in a group interview. “It doesn’t matter whether that’s with more financial investment in the roster or if it’s trades. We just have to play with what the available inventory is out there.”
Soto was one of the primary reasons why the Yankees jumped from 82 wins and no playoff appearance in 2023 to this season’s 94 wins and a World Series loss in five games to the Los Angeles Dodgers. He blasted 41 homers, led the AL with 128 runs scored, had a slash line of .288/.419/.569, and an OPS+ of 178. The league average is 100.
“Our work continues as we focus on our team and how to reconfigure,” Cashman added. “Our efforts on a year-in, year-out basis don’t change. We’re always trying to be the best team we possibly can be so we can get to the playoffs and take a shot at the World Series, so we’ll just obviously get back at it.”
Even with Soto out of there, the Yankees still have a fourth in Major League Baseball luxury tax payroll of $199.1 million committed to nine players.
Aaron Judge ($40 million), Gerrit Cole ($36 million), Carlos Rodón ($27 million) and Giancarlo Stanton ($22 million) lead the list.
The Mets are third at $224.7 million with Soto’s $51 million at the top. Francisco Lindor—the crown jewel of Steve Cohen’s tenure until Soto—is next up at $33.8 million.
The Yankees have now shed free agents Holmes and Soto, and they are not expected to re-sign first baseman Anthony Rizzo or second baseman Gleyber Torres. Jazz Chisholm was just a stopgap at third base.
Boras, who’s having a redemptive offseason after last year’s failures, has Bregman and Alonso as clients, not to mention star pitcher Corbin Burns.
Last offseason, Boras clients Jordan Montgomery, Cody Bellinger, Blake Snell and Matt Chapman all signed late one-year contracts with player options for 2025. J.D. Martinez inked a one-year deal.
Chapman has since signed a six-year, $151 million extension with the San Francisco Giants and Snell went to the big-spending Dodgers for five-years at $182 million with $65 million of it deferred. Bellinger exercised his option with the Chicago Cubs and Montgomery, who has since fired Boras, did the same with the Arizona Diamondbacks. Martinez is back on the market.
The Yanks have talked to Boras about Bregman, Burns and Alonso, but as of yet to no avail.
“We’ve had some conversations with [Boras],” Cashman said. “Soto is gone, but we have other guys we’re talking about with him. And not just with him, but with other agents who have inventory, right?”
Boras is on a roll.
Soto’s deal surpassed the total set by two-way star Shohei Ohtani last offseason, when he signed a 10-year, $700 million contract with the Dodgers that includes $680 million of it deferred. Ohtani, a pitcher and DH who won his third MVP in 2024 despite only hitting as he recovered from offseason elbow surgery, retains the record for highest average annual value at $70 million per year.
Soto’s deal is $51 million per year, but can jump to $55 million per from 2030 to 2039 if the Mets choose to void a player opt out after the 2029 season.
There’s no deferred money in the deal Mets mega billion owner Cohen is about to sign with Soto. Cohen, a hedge fund manager, is worth $21.3 billion, so the Soto deal is just a drop in the proverbial bucket.
“I mean, when you’re playing at that level and peeling the onion on this kind of stuff, the money is just hard to comprehend,” Cashman said. “With so many teams involved you’re at a level to some degree that’s very rare.”
The Yankees obtained Soto in a trade with the San Diego Padres at the Winter Meetings in Nashville last year full knowing he had one year of arbitration eligibility remaining before hitting free agency. And Soto made no secret about it multiple times this season that he was open to signing with the highest bidder when he hit the market.
He played his one year with the Yankees for $31 million, too rich for the Padres, a club that had no intention of competing for him at this price in the free agent market.
“We understood all that going in,” Cashman said. “We went in with eyes wide open. We recognized he was obviously a significant talent. He was going to upgrade us, and he did. He impacted us in a heavy way. I’m just sorry we fell short in the World Series.”
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