TAMPA — As Juan Soto’s free agency sweepstakes played out over the offseason, the entire baseball world wanted to know two things: who would the superstar sign with, and how much would he make?
As far as the first question was concerned, Gerrit Cole tried to avoid getting his hopes up after playing alongside Soto on a World Series team in 2024. However, the Yankees ace, who signed a then-record-setting nine-year, $324 million deal before the 2020 season, found the matter of Soto’s earnings compelling as the bidding continued.
“It was exciting,” Cole said during his first media availability of spring training on Wednesday. “I think the anticipation was always about, ‘How high is it going to get?’”
The answer ended up being $765 million.
That’s how much the Mets will pay Soto over 15 years after topping a 16-year, $760 million offer from the Yankees. It’s the largest deal in professional sports history, and Soto can actually earn more if he exercises an opt-out after the fifth year. The Mets can void that opt-out if they’re willing to raise the outfielder’s annual average value from $51 million to $55 million over the last 10 years of the deal.
It’s an exorbitant contract. It’s also a boon for baseball, according to Cole.
“It’s a very large amount of money. But it’s hard to underestimate great players, and it’s hard to underestimate Scott too,” Cole said, referring to his and Soto’s agent, Scott Boras. “It’s a historic contract. It’s good for all players. It’s good for the game. Obviously, the Mets and the Mets’ fanbase are thrilled about it too.”
While some might argue against Cole after an offseason that also saw heavy spending from the Dodgers, it’s an unsurprising stance for a player that has been involved with union leadership. And with MLB reporting a record $12.1 billion in revenue for the 2024 fiscal year — a $500 million increase from 2023 — the league has enjoyed plenty of financial growth.
The Yankees, meanwhile, currently have the fourth-highest projected competitive balance tax payroll for 2025 at $304.7 million. That exceeds the highest CBT penalty threshold of $301 million and trails the Dodgers ($394.8M), Mets ($325.9M) and Phillies ($307.8M), according to Cot’s Contracts.
The Yanks pivoted quickly after losing Soto, signing Max Fried to the largest guaranteed contract ever for a lefty before adding Devin Williams, Cody Bellinger and Paul Goldschmidt.
The hope is they will help the Yankees be more well-rounded in 2025, though replacing Soto’s offense will be difficult.
“He’s a magnificent player and a great teammate, but Juan is going to make the best decision for Juan,” Cole said of his ex-teammate’s choice. “He was extremely impactful for us, and a joy to watch, and a joy to be around. So Juan will be missed to a certain extent. But the beauty of the Yankees is the ability to go out and fill the roster with the goal of getting back to the World Series and winning the World Series.
“It’s big shoes to fill, but you gotta be proud of the organization for what they’ve done, and you gotta be excited about the additions that are here because these are all really great players and really great people.”