Juan Soto’s $765 Million Contract With The Mets Has A Ton Of Extras
by Dan Freedman · ForbesThe rich, it seems, only get richer. One would think that after signing a $765 million contract, one that will pay him $75 million upfront, and an additional nearly $47 million over the next nine months, you wouldn’t need anything for free. But then you wouldn’t understand the perks of being a star; the benefits that come with being a sought-after free agent; or the ability to exert leverage in the most delicate moments of a negotiation.
On Thursday, the New York Mets officially introduced the world to their new right fielder. He needed no introduction, as his free agency was the most anticipated in years (since Bryce Harper in 2019?), and the most followed story in baseball since the final out of the World Series was recorded in late October. In the end, it became an internecine New York battle, with the Yankees and the Mets attempting to one-up each other to secure the services of a generational hitter.
New York vs. New York Bidding War
At the eleventh hour, the Yankees upped their offer to 16 years and $760 million. This amount was more than twice as much as they committed to MVP Aaron Judge just two years ago. In the end, it simply wasn’t enough.
But Mets owner Steve Cohen made it clear from the outset of the offseason that he was not going to be denied. An avid art collector, he is no stranger to auctions, and appreciates the need to raise your hand and raise your offer as often as necessary to get what you want. Ultimately, his offer of 15 years, $765 million, won the day. However, even after making that incredible offer, Cohen still didn’t expect to win the day. As ESPN’s Buster Olney and Jeff Passan reported, Cohen was shocked when he received a call from Soto’s agent Scott Boras confirming that the Mets had their player.
Final Financial Terms
Here are the final terms of the largest contract in the history of any of the top four professional American sports:
- Signing Bonus: $75 million
- 2025: $46,875,000
- 2026: $46,875,000
- 2027: $42,500,000
- 2028: $46,875,000
- 2029: $46,875,000
- 2030-2039: $46,000,000
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Additional Bells and Whistles
Soto also has the right to opt-out after 2029. If he does, the Mets can trump the opt-out by adding $4 million per season for the final ten years, upping to the total value of the contract to $805 million.
But that is not all. In addition to full no trade protection, Soto has many of the bells and whistles that are inserted into other big-time player contracts. For instance, Soto will be provided with a hotel suite on road trips.
But it was another suite that has caused great consternation in the Bronx. The Yankees have never given a free stadium suite to any of their other superstars – no suite for Derek Jeter or CC Sabathia or Aaron Judge – so they refused to include one in their final offer to Soto. As reported by Jon Heyman at the New York Post, the Yankees did offer the suite at a discounted rate, but were not willing to veer from their team precedent. But Cohen had no such compunction. He stated that they were “happy to provide” the suite and that they included it as part of the offer “from the beginning.” To be sure, the suite did not make or break the deal – but it did play into Soto’s desire to be treated as family. Of note, as reported by the AP, for income tax purposes, the suite will be valued at CitiField’s going rate.
Four premium seats behind home plate will also be available to Soto for each home game. The AP also stated that Soto will be provided personal security for him and his family for all games, including spring training.
Awards Bonuses
And, to close the loop, Soto is also entitled to the following potential bonuses:
- MVP: $500,000 for the first, and $1 million for each subsequent win (it should be noted that Soto has yet to win an MVP award). He also gets $350,000 for finishing second in the voting, and $150,000 if he comes in third (as he did this past season).
- All-Star: $100,000 for each All-Star selection.
- Gold Glove: $100,000 (he was a finalist this past year).
- World Series MVP: $350,000.
- LCS MVP: $150,000.
- All-MLB First/Second Team: $100,000.
- Silver Slugger Award: $150,000 (he has won this five times, including the past two seasons).
- Hank Aaron Award: $100,000.
Juan Soto stands to make more than $800 million over the next 15 years, and be provided with all sorts of additional perks. The likelihood is that all of that largesse will come from the Mets. And, from the sound of the post-deal interviews, Cohen is happy for that to be the case. The owner, a lifelong Mets fan who claims he has a “civic responsibility” to do everything possible to win a World Series in Queens, who previously stated it would be a failure if they didn’t win a championship within the first five years of his tenure, wants to hand Soto that World Series MVP check. He wants to write all the checks if that means that the Commissioner’s Trophy comes back to Flushing, New York for the first time since 1986. This will be year five of his ownership – the clock is officially ticking.