Juan Soto Reportedly Targeting $700 Million Contract

An offseason after Shohei Ohtani joined the Los Angeles Dodgers on a 10-year/$700 million contract, Juan Soto apparently has a similar number in mind for his free agency. 

Soto, a Scott Boras client, evidently has a different idea of how he'll get to $700 million, though. 

Jon Heyman of The New York Post wrote the following as the offseason of Soto officially begins with the Yankees being defeated in the World Series by the Los Angeles Dodgers. 

"Top free agent hitter Juan Soto’s new magic number is thought to be $700M (or more) — and that’s a solid $700M, not the record $700M contract that’s 97 percent deferred that Japanese superstar Shohei Ohtani received from the Dodgers." 

“Juan Soto’s new magic number is thought to be $700M (or more) — and that’s a solid $700M, not the record $700M contract that’s 97 percent deferred that Japanese superstar Shohei Ohtani received from the Dodgers.”

-@JonHeyman pic.twitter.com/rSEQFT0Iie

— Phillies Tailgate (@PhilsTailgate) October 31, 2024

For those unaware, $680 of the $700 million that Soto got last offseason is deferred. His annual salary over the course of his 10 seasons with the Dodgers will be $2 million. He'll then make $68 million annually in deferrals from 2034-2043. Annually, he only counts $46.1 million against the luxury tax threshold, which helps the Dodgers to build a team around him. 

Don't expect a rush of players deferring substantial portions of money like that into the future, though. There's very few, if any, players in the sport that have the off-field earnings of Ohtani. And in general, people want their money now. 

Will Soto get $700 million? Who knows. If he does, it certainly won't come over a 10-year period. But given that Soto is only 26 years old, you could realistically give him a deal that lasts 14 or 15 years. Whether he or any team wants to commit to a decade-and-a-half is unclear. But he's the rare player where that type of investment could actually be wise. It's not hard to imagine him still hitting at a high level in his mid-to-late-30s. 

Time will tell whether the Phillies will be a serious suitor. 

If you grew up watching George Steinbrenner run the Yankees, it's hard to fathom that organization letting an inner-circle Hall of Famer walk away in his prime. Hal Steinbrenner may not be his father, but the Yankees still had a $309 million payroll in 2024, the second highest in the sport. 

The only team with a higher payroll in baseball during the 2024 season was the Mets at $317 million. The Mets reached the NLCS, and can offer Soto many of the same marketing benefits that come with playing in New York City, even if there's nothing quite like being a Yankee. And Steve Cohen is basically the modern George Steinbrenner, with Forbes estimating his net worth at $21.3 billion.  

Unless Soto isn't a fan of New York City, it's unclear what the Phillies can offer Soto that the Yankees and/or Mets can't. But if managing partner John Middleton is willing to go blow-for-blow with Steinbrenner and Cohen financially, anything is possible. 

Juan Soto: ‘Every Team Has the Same Opportunities When I Go Into Free Agency’https://t.co/jouzxRuncY

— On Pattison (@OnPattison) October 31, 2024