Yanks and Juan Soto agree to a $31 million deal for 24
With a record-setting $31 million salary for the upcoming 2024 season, Juan Soto and the New York Yankees dodged arbitration.
They were the first of dozens of players who could have gone to arbitration to agree on their pay before Thursday at 8 p.m. ET.
Soto’s pay, which was agreed upon just minutes before the due date for both teams and players to submit their wanted figures before a possible arbitration case, was higher than the $30 million that Shohei Ohtani got last summer. Soto is about to start his last season before becoming a free agent, just like Ohtani did last year.
The big pay for Soto won’t come until next summer when he becomes a free agent. However, the star outfielder and the New York Yankees have agreed to a $31 million deal for 2024, according to Joel Sherman of The Washington Post.
When Ohtani made $30 million with the Angels in 2023, he set the record for the most money made by a player who was eligible for arbitration in a single year.
Ohtani did sign a 10-year, $700 million deal with a lot of payments spread out over those years with the Dodgers this summer.
Soto, who is 25 years old, will be well paid this year because it is his last year of arbitration. It is also his first year playing for the Yankees shortly after coming over from the Padres in a huge trade in December.
They knew going into the deal that Soto might only be available for one year. However, if they want to have a chance at getting him long-term next summer, they are off to a good start by not having to go through an arbitration case.
Brian Cashman, the general manager of the Yankees, said, “The future is always now,” the day after trading for Soto in exchange for Michael King, Kyle Higashioka, Drew Thorpe, Randy Vasquez, and Jhong Brito.
“Soto is no longer under contract after this season. We know that this could happen in the short run. I’m sure he’ll make our team much better.
As things stand, Soto will make the fourth most money for the Yankees in 2024, after Aaron Judge ($40 million), Gerrit Cole ($36 million), and Giancarlo Stanton ($32 million).
The Yankees added players like Soto, Trent Grisham, and Alex Verdugo this summer. According to Cot’s Baseball Contracts, their luxury-tax salary for 2024 will be around $287 million.
Adolis Garcia of the Texas Rangers, Jonathan India of the Cincinnati Reds, Alec Bohm of the Philadelphia Phillies, and Luis Arraez as well as Jazz Chisholm, the two best hits for the Miami Marlins, were some of the players who did not accept the terms on Thursday.
The largest difference was $1.9 million in Garcia’s offer of $6.9 million and the Rangers’ offer of $5 million. But in recent years, most teams have taken the trade as a firm limit. Some have made an exception for only contracts that last more than one year.
Teams and players who are qualified for arbitration (usually those with more than three but a maximum of six seasons of big league service) can continue to talk about terms in the days before their meeting.
The date was supposed to be Friday, but MLB and the Major Baseball Players’ Association decided in early December to change it up a day so that it wouldn’t fall on the weekend. This is because of the agreement on collective bargaining, which lasts until 2026.
Teams had until 1 p.m. ET to agree before the filing numbers were swapped. However, many deals, including those for Soto, Alonso, Burnes, Torres, and other big names, came in much later.
The Yankees got Soto from the Padres of San Diego in December as a part of a seven-player trade that also included four young pitchers. Soto will be batting with Aaron Judge, who is one of the best hitters of this age.
Soto, who is only 25, has led the major leagues in walks each of the past three seasons. He has also hit 91 hits during that time, which means he slashed 276/.425/.502.
ESPN Stats & Information says that his adjusted OPS of 157 is the fifth-best ever for a player in his 24th season. Only Ty Cobb, Mike Trout, Mickey Mantle, and Jimmie Foxx have higher OPS.
Soto, whose agent is Scott Boras, was asked about the possibility of getting a long-term deal with the Yankees during his first press conference.
“They know when to call and who to talk to,” he said. I’m only here to play baseball. I have among the best lawyers in the league, so it won’t be that hard.