Prominent MLB insider reveals the New York Yankees have a firm budget threshold they are unwilling to surpass to secure a key player’s re-signing.
The New York Yankees are considered favorites to re-sign Juan Soto this offseason, but a prominent MLB insider believes they could be outbid for him for a specific reason.
As the 2024 MLB playoffs approach, the Yankees will be watching from the sidelines. Despite their successful season, finishing with the best record in the American League, they won’t be competing in the playoffs. Outfielder Juan Soto played a key role in their achievements this season.
Soto, a four-time All-Star, had another impressive year in 2024, just in time for his entry into free agency. Last winter, the Los Angeles Dodgers set a new benchmark by offering Shohei Ohtani a record-breaking $700 million contract, far surpassing initial estimates.
Now, similar projections are being made for Soto. Initial estimates placed his contract value around $500 million, but recent predictions suggest it could go even higher. If the Yankees want to keep him, they’ll need to offer more than the $360 million contract they gave to Aaron Judge, who is likely to be named the 2024 AL MVP.
This could stretch the Yankees’ payroll, which owner Hal Steinbrenner has said he wants to reduce. This is why ESPN’s MLB insider Buster Olney believes New York may be outbid for Soto this winter.
Olney projects Soto’s contract to be 12 years and $560 million, and he’s confident the Yankees will lose the bidding war—potentially to their cross-town rivals, the New York Mets.
“Does Soto really want to stay with the Yankees? Some players see money as a sign of respect,” Olney said on “Pinstripe Territory” [via SI.com]. He added that the Yankees are likely to be outbid, suggesting that Mets owner Steve Cohen, known for his extravagant spending, could offer a deal too massive for the Yankees to match.
The Mets, who have been linked to Soto for months, have the wealthiest owner in baseball, and Olney shared that he’s heard from sources that Soto is the Mets’ primary target in free agency.
