Soto Signs With Mets: Biggest Contract in MLB History

Posted on: December 9, 2024, 05:56h. 

Last updated on: December 9, 2024, 06:11h.

The Juan Soto stakes are over – late last night, on the eve of Major League Baseball’s Winter Meetings, it was announced the right fielder agreed to a 15-year, $765 million deal with the New York Mets, the largest contract in MLB history.

Yankees Barely Miss Out

Jon Heyman from the New York Post reported that the New York Yankees, Soto’s now former team, where the star right fielder hit .288, 41 home runs, 109 RBIs and a .989 OPS (on-base plus slugging) last season, bid $760 million over 16 years for Soto.

The Toronto Blue Jays, Los Angeles Dodgers and Boston Red Sox were also reportedly in on the bidding for the free agent.

There had been reports over the past few weeks that whatever team came in with the highest bid, Mets owner Steve Cohen, the hedge-fund manager (Founder, Point72 Asset Management), who bought the Mets in 2020 for $2.4 billion, would top it.

Report: Mets Owner Cohen Wooed Soto

The Soto contract reportedly has features like an opt-out, a signing bonus and no deferred money.

This from the Athletic:

“The Mets’ meeting with Soto in November, people briefed on the matter said, happened in California, at one of Cohen’s homes. That was different. All of Soto’s other meetings with different clubs were held at a hotel.

The personalized request from the Mets, league sources said, was Cohen’s wish. During the meeting, Cohen spoke about his background, his relationships and what has made him successful.

Soto’s get-together with the Mets shared commonalities from previous meetings with high-profile free agents, where pieces of Cohen’s personality poured out into the process.

In past meetings, according to people briefed on the discussions, Cohen told free agents that he views his ownership as a civic duty. He’s in it to win for the long haul, he says. He’s looking to do what it takes to build a perennial winner.”

Betting Odds Adjusted

The impact on MLB odds was immediate. At BetMGM this morning, the Mets slot in right after the Dodgers as World Series favorites, at +700 (the Dodgers are +350), followed by the Atlanta Braves (+800), the Yankees (+900) and Philadelphia Phillies (+1200).

If you’re a fan of the Blue Jays, this is another bitter pill to swallow, after missing out on the Shohei Ohtani sweepstakes last winter, with Ohtani signing with the Dodgers for ten years, $700 million.

Blue Jays Miss Out Again

Jays’ all-star slugger Vladimir Guerrero has one more year of team control, then he’s also positioned for free agency if the Jays don’t lock him down, same with shortstop Bo Bichette. Both Guerrero and Bichette are homegrown talents, cornerstones of what was supposed to be a championship-calibre team.

That hasn’t played out in Toronto – the team last season finished last in the AL East (74-88), has a minor league system ranked in the bottom third of the league, with holes in the bullpen, the outfield, third base and starting pitching to fill for the new season.

Now they have a contract with Guerrero to deal with. Guerrero hit 30 home runs last season, with a .323 batting average, 103 RBIs, and a .940 OPS. The Soto contract raises the tide on Guerrero when it comes to money.

The Jays are a distant +6600 at BetMGM to win the World Series.