The New York Yankees made a significant move during the offseason by acquiring Juan Soto, a highly decorated player boasting four Silver Slugger awards and three All-Star selections at the peak of his career. With this acquisition, the Yankees now possess arguably the most potent left-handed bat in Major League Baseball, complementing Aaron Judge.
Soto and the Yankees reached a groundbreaking agreement on a one-year, $31 million deal to avoid arbitration for the 2024 season. However, his future with the team beyond this season hinges on whether they can agree on a contract extension before he hits free agency.
Eli Ben-Porat of Baseball America made a bold prediction for 2024, suggesting that the Yankees will secure Soto’s services with a monumental 15-year, $701 million deal, potentially setting a new record for the highest-paid contract in MLB history. Ben-Porat emphasized the unlikelihood of the Yankees allowing a 25-year-old player destined for the Hall of Fame to depart in free agency, suggesting that such a move would be surprising given the team’s historical willingness to do whatever it takes to retain top talent.
The New York Yankees Can Lock Up Juan Soto With a $701 Million Deal
Shortly following Soto’s trade to the Yankees, the Los Angeles Dodgers made headlines by signing two-way sensation Shohei Ohtani to a monumental 10-year, $700 million contract, solidifying his status as the highest-paid player in MLB history by a considerable margin. This deal surpassed the previous record set by Mike Trout’s $426 million, 12-year extension with the Los Angeles Angels in 2019.
With expectations high for Soto’s performance this season, it’s almost certain that he would attract significant interest if he were to enter free agency. To dissuade him from exploring other options, the Yankees would likely need to assure Soto that no other team would offer him a more lucrative deal, a strategy they have historically employed with their key players.
“It’s been more than ten years since Robinson Cano’s departure from the Yankees surprised the baseball world when he signed with another team as a free agent,” Ben-Porat remarked. “Such occurrences are rare for the Yankees, who typically prioritize retaining their top players.”
However, committing $701 million to Soto might be excessive, even for a player widely regarded as a once-in-a-generation talent entering his prime years. Ohtani’s unique dual-threat abilities as a batter and pitcher, combined with his potential marketing value as a Japanese star, may not make his contract directly comparable to Soto’s situation.
Zach Britton of The Athletic has projected a 14-year extension worth $540 million for Soto. Nonetheless, Ben-Porat believes the Yankees may need to surpass this figure to satisfy Soto’s agent, Scott Boras, and prevent him from exploring other opportunities.
“While Soto solely focuses on batting and doesn’t pitch like Ohtani, it’s unlikely he would command a contract of similar magnitude in any other scenario,” Ben-Porat explained. “Nevertheless, given Soto’s elite talent, securing the largest contract in history will be a top priority for Scott Boras.”
Results of the 2024 Season Will Be Key in Juan Soto, New York Yankees Contract Talks
The trajectory of Soto’s career hinges largely on his performance in the 2024 season.
Current projections suggest Soto will maintain a batting line of .278/.418/.507 with 119 walks, 28 home runs, and 84 RBI. While this represents a slight regression from his previous season and falls short of his exceptional 2020 performance, it still positions him as a significant contributor to the Yankees’ potential postseason run, provided the rest of the team performs accordingly.
A notable role for Soto in guiding the Yankees back to their historic postseason success could catalyze discussions for a record-breaking contract, ensuring both player and team continue to excel together for the foreseeable future.
