Juan Soto

2024-25 MLB Free Agent Power Rankings

By Steve Adams | April 15, 2024 at 11:59pm CDT

The season is underway, which makes this a good time to look ahead to next winter with the first installment of the 2024-25 MLB Free Agent Power Rankings! It’s an annual series here at MLBTR, wherein we try to rank the upcoming class of free agents by measure of their estimated earning power.

MLBTR will take periodic looks at the top of the class from now through the remainder of the season. Season performance will start to influence these rankings, but two to three weeks into the season, it’s not a huge factor. By the end time the season draws to a close, however, 2024 results will weigh heavily into the rankings. A strong platform year can elevate any player’s status in free agency, just as a poor walk year can tank their stock.

Our power rankings are compiled collaboratively. I worked with colleagues Anthony Franco and Darragh McDonald as well as MLBTR founder and owner Tim Dierkes for the first installment of this year’s rankings. Players with opt-out clauses and player options are included, even if they’ve previously given indications they may forgo the opportunity to return to the market.

Statistics are up-to-date through April 12.

* denotes players who are ineligible for a qualifying offer

1. Juan Soto, OF, Yankees

Were it not for Shohei Ohtani reaching the open market a year sooner, Soto might have a claim to the most coveted free agent ever. Because he skyrocketed through the minor leagues and took MLB by storm beginning at age 19, Soto’s final year of arbitration eligibility comes in just his age-25 campaign. He’ll play the entirety of his first free agent season at 26 years of age. For some context, Aaron Judge — who re-signed on a nine-year, $360MM contract with the Yankees upon reaching free agency — debuted at 24 and had 773 big league plate appearances heading into his own age-26 season.

Soto is a freak of nature who was one of MLB’s best hitters at an age when most top prospects are still in college or just entering the low minors. He hit .292/.406/.517 as a teenage rookie in 2018, and his preternatural plate discipline, bat-to-ball skills and raw power have only improved since. Through more than 3400 career plate appearances, Soto has walked at a staggering 18.9% clip and struck out in just 17% of his plate appearances. He entered the current season with 160 home runs, and while he’s never had a 40-homer campaign before, a move to Yankee Stadium and its notorious short porch in right field could help him get to 200 long balls before he turns 26.

Since his 2018 debut, Soto leads qualified big leaguers with a mammoth .422 on-base percentage. Mike Trout’s .415 mark ranks second, and Freddie Freeman (.402) is the only other hitter north of .400. Soto is “only” 16th in home runs in that time, but his 154 wRC+ — which indicates he’s been 54% better than an average hitter after weighting for home park and league run-scoring environment — is tied with Mookie Betts for fourth-best in baseball, trailing only Trout, Yordan Alvarez and Judge.

If there’s one wart to Soto’s game, it’s that he’s limited to the outfield corners and isn’t regarded as an especially strong defender. He’s had seasons with positive grades from both Defensive Runs Saved and Outs Above Average, but on the whole he has negative marks from both in his career — both in left field and in right field. That said, he’s also only had two truly *bad* seasons per both of those metrics, and taken in totality, he sits around -2 DRS and -4 OAA per season. Obviously, that’s not great, but it’s also not exactly egregious. And given the otherworldly contributions he makes at the plate, playing a slightly below-average left or right field is more than an even trade-off.

Soto famously rejected a 14-year, $440MM extension offer from the Nationals before being traded to the Padres. Rejecting an offer of that magnitude led to plenty of jaws dropping, but when considering that it included his three final arbitration seasons and 11 free agent years, it’s not as jarring as it seems at first blush. Soto wound up earning $71.1MM over those three seasons, meaning he really “only” needs to earn $370MM or so in free agency to come out ahead. There’s already talk of a potential $500MM free-agent deal for Soto. Barring a catastrophic injury, he’ll likely come out ahead in that bet on himself. He’s the clear No. 1 free agent on next year’s market and will be one of the most sought-after free agents not only in baseball history but in all of professional sports.

2. Corbin Burnes, RHP, Orioles

Since his 2020 breakout, Burnes ranks fifth in the majors in innings pitched, eighth in strikeout rate, fourth in K-BB%, second in opponents’ batting average, fifth in ERA, second in FIP and third in SIERA. Put another way — regardless of which metric you prefer to judge pitchers, Burnes ranks in the top-eight in just about any metric. He’s a bona fide No. 1 starter — very arguably one of the five best pitchers the sport has to offer at the moment.

Detractors might point to Burnes’ 2023 numbers as the potential beginning of a decline. His 3.39 ERA, 25.5% strikeout rate and 8.4% walk rate were all more “very good” than elite. Through three starts in Baltimore, he’s trending back in the other direction. Small sample caveats obviously apply, but Burnes has opened his first season with his new club on a tear, tossing 18 2/3 innings of 1.93 ERA ball with a 28.6% strikeout rate and superlative 2.9% walk rate. His velocity is as strong as ever; his devastating cutter is averaging 95.1 mph — an exact match for his career-best mark, set back in 2021 when he won the National League Cy Young Award.

Burnes won’t turn 30 until October. He’s never been on the injured list due to an arm issue. His only IL stints were due to an oblique strain and Covid. Burnes might not be quite as dominant as he was when he was striking out more than 35% of his opponents from 2020-21, but he’s a workhorse ace and former Cy Young winner who still ranks among the game’s elite arms. Gerrit Cole’s nine-year deal with the Yankees began in his age-29 season. Teams have generally been wary of committing to long-term deals for pitchers that span beyond their age-37 season (though there are exceptions, as evidenced by Jacob deGrom’s current five-year deal).

Burnes is dominant enough that he could prove to be an exception, but even if he’s limited to eight-year terms, he’ll have a chance at surpassing a $250MM guarantee. With a big enough year, nine years and/or $300MM+ could be on the table.

3. Alex Bregman, 3B, Astros

Bregman would’ve hit free agency in the 2022-23 offseason were it not for a five-year, $100MM extension he signed upon first reaching arbitration. That locked in his first — but very likely not his last — nine-figure contract and still allowed him to hit the open market at a fairly standard point, heading into his age-31 season.

There’s perhaps a perception that Bregman is declining or trending in the wrong direction, as his production has dipped from the MVP-caliber levels he displayed in 2018-19. He also doesn’t have the most appealing batted-ball profile, which we saw work to Cody Bellinger’s detriment in free agency this offseason. Bregman’s 88.6 mph average exit velocity and 38.2% hard-hit rate in 2023 were both pretty pedestrian marks.

One key difference between Bregman and Bellinger, however, is that Bregman has never had gaudy Statcast numbers — even when he was putting up the type of numbers that led to consecutive All-Star nods and top-five MVP finishes in 2018-19. Bellinger, on the other hand, previously had top-of-the-scale exit velo and hard-hit numbers, leading to more questions about whether his resurgent 2023 showing was truly sustainable.

Bregman has always possessed sensational contact skills. He’s never fanned at higher than a 15.5% clip in a full season. The former No. 2 overall draft pick legitimately possesses one of the best hit tools in all of baseball. He couples that with elite plate discipline, too; Bregman has walked at a 12.6% clip in his career and a 13.7% rate dating back to 2018. He’s walked more than he’s struck out in four individual seasons and in the aggregate from 2018-24. His 41-homer campaign from 2019 looks like a clear outlier in what’s now known as the juiced-ball season, but Bregman still popped 48 homers from 2022-23.

Some may question how much power he can manufacture following a potential change of scenery. Minute Maid Park’s short porch in left field — the Crawford Boxes — seems practically tailor-made for Bregman’s fly-ball heavy, pull-side approach. (Or, perhaps alternatively, he reworked his swing to take advantage of that quirk in his home park.)

There’s little doubting that he’s had some home runs that are Crawford Box specials over the years, but a look at Bregman’s career splits don’t paint the picture of someone who is a product of his hitter-friendly home environment. Bregman’s a career .273/.377/.473 hitter in Houston and a .275/.368/.498 hitter on the road. He’s actually hit nine more homers on the road in his career despite having only 64 more plate appearances away from Minute Maid Park than at home.

Defensively, Bregman isn’t an elite third baseman, but he’s posted average or better marks in DRS and OAA nearly every season of his career. There’s no reason to expect a position change in the near future, but if he does need to move off the hot corner at some point, a shift to second base, left field or first base seems feasible for the former shortstop. And as someone who’s been 36% better than average at the plate in his career — and 25% better dating back to 2020 — he has more than enough bat to profile as a regular anywhere on the diamond.

A seven- or eight-year deal seems plausible in free agency, and there’s always the chance that a luxury-paying team will gauge his interest in a longer-term deal with a non-premium AAV in order to tamp down the CBT hit. A deal north of $200MM seems plausible for Bregman. The Astros have said at multiple points in the past they’ll make an extension offer at some point, but there haven’t been serious talks on that front yet and Bregman can justifiably seek the type of long-term pact that owner Jim Crane has completely avoided over the years.

4. Pete Alonso, 1B, Mets

The Polar Bear is raw personified, bashing 40-plus homers on the regular since his 2019 debut. Alonso has not only established himself as one of baseball’s premier sluggers — he’s done so while maintaining a strikeout rate that’s lower than the league average. At a time when many prodigious sluggers are comfortable selling out for power, Alonso has the type of easy, plus-plus power that doesn’t require him to do so. He’s fanned in just 20.7% of his plate appearances dating back to 2021 and popped the fifth-most long balls in baseball along the way. He trails only Aaron Judge, Matt Olson, Kyle Schwarber and Shohei Ohtani in that span. All four of those sluggers have whiffed at higher rates than Alonso.

Alonso’s extreme fly-ball approach does lead to a glut of pop-ups and some low BABIPs — though last year’s bottom-of-the-barrel .205 average on balls in play (and .217 average overall) were likely outliers. He’s a career .250 hitter who walks at around a 10% clip — enough to boost his OBP into the .340 range most seasons. Paired with his prodigious power, that’s plenty to make Alonso one of the most feared hitters in the National League.

After debuting as a 24-year-old back in 2019, Alonso is on pace to hit the open market heading into his age-30 season. He’s not unusually young like Soto but is reaching free agency at the same point that’s seen plenty of sluggers get paid. He’ll be two years younger than Freddie Freeman and Paul Goldschmidt were when signing their current contracts (Freeman’s in free agency, Goldschmidt’s as an extension). That pair of contracts pays those star first basemen $26-27MM annually.

Alonso isn’t as good a pure hitter as either Freeman or Goldschmidt, nor is he the same defensively. He’s consistently graded out as a sub-par defender, per OAA, and a roughly average first baseman by measure of DRS. But Alonso is younger, has more power than either of those two former MVPs, and has the benefit of Mets owner Steve Cohen likely being extra-motivated to keep his franchise slugger. It wouldn’t be at all surprising to see Alonso follow a similar path to Judge. That’s not to say he’ll sign a $360MM deal — he won’t — but he could reject a qualifying offer, explore what the market has to offer, and then take the top offer back to the Mets and effectively ask that they match it.

A six-year deal would run through Alonso’s age-35 season. Seven years would take him through age-36. Either of those terms feels plausible, as does an AAV in the vicinity of — or even slightly in excess of — the Freeman and Goldschmidt deals.

5. Blake Snell, LHP, Giants*

Will the second time prove to be a charm for Snell? The $200MM+ contract he sought in free agency this past winter never materialized, likely due to a confluence of factors. Beyond the sheer scope of his ask, Snell hit free agency at a time when roughly half the league was experiencing uncertainty regarding its long-term television status. We’re also slated for a record number of CBT payors, including several big spenders — Yankees, Dodgers, Mets — currently paying a 110% tax that made a long-term deal for Snell wholly unpalatable. Further yet, recent high-profile spenders like the Padres, Rangers, Red Sox, Blue Jays and Mets all took steps back in terms of their aggression.

None of that even touches on Snell’s command troubles, though his penchant for issuing free passes hasn’t stopped him from dominating opposing lineups over the past several seasons. Snell is now a two-time Cy Young winner — one of just 22 in MLB history — who’ll spend the 2024 season pitching in an even more spacious home park than he enjoyed in San Diego.

Snell will turn 32 in the coming offseason, so he won’t have age on his side. But he already rejected a qualifying offer from the Padres, meaning he’s ineligible to receive another one at any point in his career. That lack of draft pick compensation will be a bonus, and it’s possible next offseason’s market will bear more favorable circumstances. If the Mets, Red Sox, Rangers or Padres begin spending again and if even a couple of CBT payors are suddenly in position to dip back under the threshold, Snell could find more suitors this time around.

He’s not a lock to hit the market, of course. Snell’s two-year $62MM deal with the Giants allows him to opt out at season’s end, leaving a $30MM player option on the table. So long as he remains healthy and effective, he’ll be a lock to do so. The left-hander ranks 11th in ERA (3.05) and seventh in strikeout rate (31.7%) among qualified big league starters dating back to the 2018 season. He’s had a couple rough seasons along the way, but the broader body of work is genuinely excellent.

As previously mentioned, teams are typically wary of committing beyond a starting pitcher’s age-37 season. For Snell, hitting the market at 32, that’d make it tough to secure a contract lengthier than six years. A six-year deal checking in at $28MM or more would allow Snell to still claim that he topped $200MM in free agent earnings (when combined with his current $32MM in earnings). That type of offer seemingly wasn’t there this time around, but if Snell turns in a third straight dominant season — he had a 2.72 ERA and 31.7% strikeout rate in 2022-23 — someone’s likely going to pony up with a big offer.

6. Max Fried, LHP, Braves

Few starters in baseball have been as consistent as Fried on a year-to-year basis. The former No. 7 overall draft pick has turned in a sub-3.00 ERA in three of the past four seasons, with the lone exception being a 3.04 mark in 2021. Fried’s strikeout rate has fallen between 22.3% and 25.7% for five straight seasons. His walk rates in that time have landed between 4.4% and 8.5% (though that 8.5% came in 2020’s short season and is something of an outlier, he’s been under 7% in every other full season). His ground-ball rate sits between 51.2% and 57.7% each year.

Fried isn’t an overpowering ace in the sense that he hits triple digits with his heater and strikes out a third of his opponents. He has above-average but not elite velocity, leading to average or slightly better strikeout rates. However, Fried has plus command and ground-ball tendencies, and he dodges hard contact at consistently excellent levels.

Prior to the 2023 season, Fried was also quite durable, ranking 19th in the majors in innings pitched and 21st in games started. That doesn’t include his 10 postseason starts (and four relief outings) — a total of 58 2/3 additional innings. A forearm strain suffered in early May last year, however, knocked Fried out of action for about three months. Though he was characteristically excellent when health — 2.55 ERA, 3.14 FIP, 3.38 SIERA — Fried was limited to 14 starts and 77 2/3 innings.

Proving that forearm strain is behind him will be paramount to his free agent platform. Another 30-plus starts won’t completely eliminate any trepidation stemming from last year’s injury, but another season with considerable missed time — particularly due to an arm injury of any nature — would create cause for clear concern.

Fried has been more durable than Carlos Rodon (six years, $162MM with the Yankees) and has a far lengthier track record of success. He and his reps will likely take aim at toppling that mark in free agency. Braves fans would surely like to see an extension, but it hasn’t happened in the past, and Fried is plenty justified in asking for the type of long-term deal and semi-premium AAV that the Braves have steered clear of in recent years. He seems likelier to follow Freddie Freeman and Dansby Swanson out the door than he does to receive an extension offer that’s commensurate with his market value.

7. Cody Bellinger, OF/1B, Cubs*

Bellinger didn’t get the mega-deal he sought this past offseason. Excellent as his 2023 campaign was, there were surely teams wary of his woeful 2021-22 showing on the heels of shoulder surgery. Beyond that, his exit velocity, hard-hit rate and other batted-ball metrics were decidedly pedestrian.

Agent Scott Boras has pointed to Bellinger’s massive decline in strikeout rate as a factor, painting his client as a hitter who adopted a two-strike approach more focused on putting the ball in play than on doing massive damage. There’s surely a blend of truth and garden-variety agent spin woven into that defense.

A repeat of his 2023 production — or anything close to it — would strengthen Bellinger’s case immensely. It’d further distance him from that awful 2021-22 showing, lending further credence to the notion that injuries played a significant role in his perceived decline. And whether Bellinger replicates his numbers by returning to his maximum-damage approach or simply proves that his newer brand of more well-rounded, low-strikeout offense is sustainable, either approach should prove lucrative.

Even though an opt-out would trigger Bellinger’s third trip to free agency, he’ll still be heading into just his age-29 season next year. He can still play a fine center field (or corner outfield, presumably) and remains a good option at first base as well. There’s plenty of defensive and baserunning value to supplement his bat.

Bellinger will pocket $30MM in the first season of his three-year, $80MM deal with the Cubs, meaning he’ll be opting out from two years and $50MM. That seems likely, barring a 2021-22-esque collapse or a massive injury. Because of his age, that immense long-term deal that eluded him this past offseason still feels plausible. That he can no longer be saddled with a qualifying offer — players can only receive one in their career, and he rejected one last offseason — only strengthens his case.

8. Willy Adames, SS, Brewers

Adames joins Javier Baez, Trevor Story and Dansby Swanson as the latest in a line of high-end shortstops to reach free agency heading into his age-29 season. That trio signed for respective guarantees of $140MM (Tigers), $140MM (Red Sox) and $177MM (Cubs). Adames doesn’t have the individual accolades that group possesses. He’s never been an All-Star like each of that trio has. He hasn’t won Gold Gloves like Swanson and Baez. He hasn’t won the Silver Sluggers that Story has.

Yet despite the lack of hardware, Adames has a strong claim to be valued in similar fashion. It’s true that he had a down year at the plate in 2023, but that was in part driven by a career-low .250 average on balls in play. Since 2020, Adames is a .240/.316/.450 hitter. He’s been 8% better than average overall, by measure of wRC+, and he peaked with a 121 wRC+ (21% better than average) from 2020-21. Adames fanned at a sky-high 36.1% back in 2020 but has reduced that mark considerably; over his past 1300 plate appearances he’s punched out at a worse-than-average but far more manageable 26.2% rate. He struggled badly against lefties early in his career (despite being a right-handed hitter) but has improved against them in recent seasons.

From 2021-23, Adames averaged 26.67 homers per season — topping out at 31 round-trippers in 2022. He’s walked at an above-average but not elite 9.4% rate in his career — including a personal-best 11.1% in 2023. Adames has long been touted as having plus defensive tools, but his execution and consistency were lackluster early on, leading to some middling grades. Over the past two seasons he’s been outstanding, tallying 17 DRS and a flat-out elite 26 OAA.

If Adames can bounce back from last year’s .217/.310/.407 line and turn in something closer to the .251/.319/.471 slash he logged from 2020-22, he’ll have an easy case to be paid comparably to Story, Baez and Swanson. He’s likely to hit the market on the heels of four straight 20-homer campaigns. He’s a plus defender. He’s relatively young. He’s not the most consistent hitter on a year-over-year basis, but that was true of Baez, Story and Swanson. They all got paid. Adames will also draw bonus points for his gregarious personality and leadership skills. Both the Rays and Brewers have lauded him in that regard, and the primary reason Tampa Bay traded him — Wander Franco’s looming emergence — now looks regrettable (even if getting Drew Rasmussen in return for him has yielded plenty of value).

9. Ha-Seong Kim, SS/2B, Padres

Kim came to MLB with great fanfare as a 25-year-old KBO superstar who’d been posted by the Kiwoom Heroes. He signed a four-year, $28MM deal with San Diego that contains a mutual option for a fifth season. Mutual options are generally accounting measures and are almost never exercised by both parties. In Kim’s instance, it’s a no-brainer to decline his end of the option and hit free agency in search of a deal that could pay him three to four times his original MLB guarantee.

While Kim’s rookie season didn’t live up to the hype, he’s since acclimated to MLB quite nicely. Now 28, he posted a .256/.338/.391 batting line (109 wRC+) from 2022-23. His power has increased in each MLB season, resulting in a career-high 17 homers last year, and he swiped a hefty 38 bases in 47 tries for the Friars last season. Kim’s walk rate has climbed every MLB season as well, topping out at a robust 12% in 2023, and after fanning in 23.8% of his plate appearances as a rookie he’s dropped that mark to 18.5% in 2022-23.

Decent power, strong on-base skills and plus speed give Kim plenty of appeal, but his glove is perhaps his greatest selling point. Kim is an elite defensive infielder capable of handling any of second base, shortstop or third base. He won his first Gold Glove for his play at second base last season, though that’s unlikely to be his last. (He also won a Gold Glove in his final three seasons of KBO play.)

There’s no defensive metric that pegs Kim below average at any of those three positions. He’s logged more than 1000 innings at second base, nearly 600 at third base and more than 1600 at shortstop. Defensive Runs Saved, Outs Above Average and Ultimate Zone Rating agree that he’s excellent at all three. The Padres signed Xander Bogaerts to an 11-year contract and moved him to second base just one year later despite Bogaerts posting decent numbers at short in 2023. Kim has racked up 23 DRS and 10 OAA in his 1600+ innings at shortstop. He has fluid infield actions, sure hands and is a regular source of highlight-reel defense.

Kim doesn’t have a strong batted-ball profile, but it’s not out of the question that he could crack 20 homers, walk in more than 10% of his plate appearances, swipe 40 bags and play Gold Glove defense this season. He’ll play all of the 2025 season at 29 years old. A nine-figure contract isn’t out of the question.

10. Jordan Montgomery, LHP, Diamondbacks

As the old adage goes, if at first you don’t succeed — hire a new agent and try again. Montgomery languished in free agency all winter, never landing the six- or seven-year contract he was seeking. He took a one-year, $25MM deal with the D-backs that’ll afford him a player option at $20-25MM basically just for staying healthy. The contract wasn’t finalized before Opening Day, meaning Montgomery can’t receive a qualifying offer this winter. Barring a major injury, he’ll likely decline that player option and return to the market.

Montgomery, 31, has made at least 30 starts in each of the past three seasons. In that time, he’s pitched 524 1/3 innings of 3.48 ERA ball with a 22.5% strikeout rate, a 6.2% walk rate, a 44.5% ground-ball rate and just 1.00 HR/9. His 2023 campaign was the finest of his career, featuring a personal-best 188 2/3 innings of 3.20 ERA ball, plus another 31 innings of 2.90 ERA ball in the postseason — a strong performance that helped push the Rangers to their first-ever World Series title.

Though he doesn’t miss bats at an elite level, Montgomery is better than average in just about every meaningful category for starting pitchers and has been a workhorse since his 2020 return from Tommy John surgery. We at MLBTR erred in thinking a six-year deal was attainable heading into the 2023-24 offseason. Another typical Montgomery season could put him in position for a strong four-year or perhaps a five-year deal at a lighter AAV than we predicted last offseason. He should be able to top teammate Eduardo Rodriguez’s four-year, $80MM contract — and a deal in the $100-110MM range over five years doesn’t feel out of reach if Monty continues at his recent trajectory.

Honorable Mentions (listed alphabetically): Walker Buehler, Matt Chapman*, Gerrit Cole^, Jack Flaherty, Paul Goldschmidt, Teoscar Hernandez, Rhys Hoskins, Frankie Montas, Tyler O’Neill, Luis Severino, Max Scherzer*, Gleyber Torres, Justin Verlander*, Christian Walker

^=Cole is currently on the 60-day IL and expected to be out into June. He can opt out of the remaining four years and $144MM on his contract at season’s end, though if he signals his intent to do so, the Yankees can override his opt-out by tacking on a tenth year at another $36MM. Because Cole is currently injured and because the Yankees can effectively veto his opt-out, we’re not including him on the initial version of our rankings. If, as the season wears on, he’s pitching well enough to trigger that opt-out and there’s talk of the Yankees allowing him to walk, he could land on future installments of the list.

Boras: Padres Owner Peter Seidler Discussed Juan Soto Extension Last Year

By Mark Polishuk | April 4, 2024 at 9:11pm CDT

2023 ended up being Juan Soto’s final year in San Diego, as the Padres swapped the star outfielder to the Yankees in a blockbuster deal last December. Given the Padres’ inconsistent play during their disappointing 82-80 season, there was plenty of trade buzz surrounding Soto during the year, and a trade began to look like more of a reality once reports filtered out after the season that San Diego was looking to reduce payroll.

However, some attempts were made to keep Soto in SoCal via a long-term extension. Agent Scott Boras told Jon Heyman of the New York Post that former Padres owner Peter Seidler had started to explore a multi-year deal last summer. “Peter called about wanting to pursue [Soto], and there were discussions about wanting to keep him. And unfortunately, it did not work out because of [Seidler’s] health,” Boras said.

Seidler passed away in November at age 63, leaving behind a huge legacy during his three-plus years as the Padres’ majority shareholder. Eager to bring San Diego its first World Series championship, Seidler turned the Padres into one of baseball’s biggest spenders. Players like Manny Machado, Fernando Tatis Jr., Joe Musgrove, Yu Darvish, and Jake Cronenworth were all signed to pricey extensions, while Xander Bogaerts was signed to an 11-year, $280MM free agent contract.

Extending Soto would’ve required the biggest expenditure of them all, considering Soto’s youth and contractual situation. The three-time All-Star is set to hit free agency this upcoming winter (just after his 26th birthday), and has already posted numbers during his seven MLB seasons that indicate a future spot in Cooperstown. Soto already turned down a 15-year, $440MM extension offer from the Nationals in 2022 before Washington traded him to San Diego, and a big 2024 campaign in the Bronx will surely move his asking price even further into the stratosphere. Boras is sure to seek far beyond the deferral-influenced $460MM present value of Shohei Ohtani’s contract, and seek a new record guarantee in Soto’s next contract.

Ohtani’s deal with the Dodgers wasn’t yet a reality when Seidler and Soto’s camp talked last summer, though it wouldn’t have been surprising if a mega-deal had been reached. As Heyman puts it, “Seidler did everything to win without regard to payroll or tax,” and “some connected to the team say they believe a Soto deal in San Diego would have gotten done had Seidler lived.” There is also the interesting detail that the early discussions might’ve been limited to Seidler himself, as Heyman writes that “the talks were kept quiet at the time (even to folks around the team).”

Negotiating directly with owners has been a common move for Boras over the years in finding big contracts for his clients, and the agent has explained the tactic by simply noting that since the owners are the ones ultimately signing off on the huge deals, why not talk directly to the person signing the checks? Unsurprisingly, front office executives and even rival owners haven’t always been impressed with this strategy, as it can be seen as an agent bypassing the usual methods of negotiating with a GM or president of baseball operations (who might have qualms about signing a Boras client for various reasons). It isn’t known if Padres president of baseball ops A.J. Preller knew about Seidler’s talks with Boras, or even if Preller would’ve had any objections — Preller is a famously aggressive exec in his own right, and surely would’ve welcomed having Soto remain a Padre for years to come.

Extending Soto would’ve added yet another big contract to the Padres’ books, and complicated the plans to reduce payroll that were reportedly in the works well before Seidler’s passing. The Padres ended up cutting payroll rather drastically in going from $254.5MM in 2023 to around $167.2MM at the start of the 2024 season (all figures via RosterResource), plus San Diego has now gotten under the luxury tax threshold after surpassing the tax line in each of the previous three years.

Brian Cashman Discusses Possible Extensions, Current Roster

By Darragh McDonald | February 16, 2024 at 10:49am CDT

Yankees general manager Brian Cashman spoke with the media this week and addressed various topics. Notably, he downplayed the possibility of an extension for either outfielder Juan Soto or infielder Gleyber Torres, both of whom are impending free agents. He also indicated it’s still possible for roster additions, with pitching a likely target area.

“The odds are this is a one-year situation,” Cashman said about Soto, per Bryan Hoch of MLB.com. “I don’t see too many things stopping him from reaching free agency.” That assessment of the situation tracks with publicly-available information, as well as logic. Soto is just 25 years old but already has six years of elite production in the major leagues. Most free agents don’t reach free agency until they are around 30 years old but Soto is on track to get there around his 26th birthday, which will be at the end of October.

Despite his youth, he’s already hit 160 home runs in 779 career games, while also drawing walks more often than he strikes out. He’s hit .284/.421/.524 overall for a wRC+ of 154 and has never posted a wRC+ lower than 143 in any individual season. That combination of youth and talent has long made it seem as though a trip to free agency would be fairly inevitable. While with the Nationals in 2022, Soto reportedly rejected a $440MM extension offer, which is what led to him being dealt to the Padres.

The Yankees sent five players to the Padres this winter to get Soto and Trent Grisham, likely knowing full well that it was probably going to be a one-year proposition, with Cashman’s comments today reflecting that. Now that Soto has moved closer to free agency, his earning power has only increased since he turned down that $440MM offer, making the odds of keeping him from the open market even lower. The Yanks will have a chance to bring him back via free agency, but they will have to compete with the other clubs around the league in what is sure to be a hotly contested market.

As for Torres, it was reported back in November that the club had not engaged Torres on any extension talks. The infielder even replied “I wish” when asked about the possibility. Cashman confirmed to Greg Joyce of The New York Post this week that the club has not had any extension talks with him. Torres has been a solid player for the Yanks, hitting 123 home runs in his 734 contests thus far. His .267/.334/.454 batting line translates to a 116 wRC+. His defense at second base has been passable at times, though it was graded poorly last year.

While he’s set to be a key piece of the 2024 club, the Yanks likely feel they can pivot to a post-Torres era fairly easily. Oswald Peraza was still considered a top 100 prospect before he exhausted his rookie status last year, but he’s blocked from his natural shortstop position by Anthony Volpe. Peraza still has one option year remaining and could perhaps take over the keystone when Torres hits free agency. They also have multi-positional guys like Oswaldo Cabrera and DJ LeMahieu who could factor in at that spot.

As for the rest of the roster, Cashman said that it’s not “pencils down,” per Brendan Kuty of The Athletic. “I guess it’s always pitching,” he added about a concerning area. The Yankees project to have a rotation of Gerrit Cole, Carlos Rodón, Marcus Stroman, Nestor Cortes and Clarke Schmidt. That’s a good rotation if healthy but that’s a big “if” as each of Rodón, Cortes and Stroman missed significant time last year. The club also subtracted from their depth when they included four possible starting pitchers in the Soto deal.

Adding to that group would be sensible but the finances may be tight. Roster Resource has the club’s competitive balance tax number at $307MM right now, well beyond the top tier of $297MM. As a third-time payor at that level, any additional spending comes with a 110% tax. Since they have five rotation spots allocated and they effectively have to pay double on any future signings, they may stick to depth signings on minor league deals, though a significant injury can always change that calculus.

Yankees, Juan Soto Avoid Arbitration

By Nick Deeds and Steve Adams | January 11, 2024 at 7:18pm CDT

The Yankees and star outfielder Juan Soto have avoided arbitration, according to Joel Sherman of the New York Post. The sides settled upon a $31MM salary for the 2024 season — a new record for the largest salary every agreed to by an arbitration-eligible player. Soto, a client of the Boras Corporation, surpasses the $30MM benchmark that was established by two-time AL MVP Shohei Ohtani just last offseason.

The 25-year-old Soto is coming off another strong season at the plate. After being shipped to the Padres at the 2022 trade deadline, the young phenom struggled with his new club early in the 2023 campaign with a .183/.345/.344 slash line in his first 27 games.

Soto managed to flip a switch from there, however, slashing an excellent .293/.423/.554 the rest of the way to elevate his season-long slash line to a strong .275/.410/.519. The performance saw Soto walk more often than he struck out for the fourth consecutive season, earn his third consecutive All-Star appearance as well as his fourth consecutive Silver Slugger award, and finish sixth in NL MVP voting while appearing in all 162 games for San Diego.

Between that walk year performance and the three prior times he’d been through the arbitration process as a Super Two player, Soto now stands alone as the highest-paid arbitration player in history (at least on a one-year deal). A new record was always the expectation; MLBTR contributor Matt Swartz’s model projected a $33MM salary for Soto, and both the Padres and the Yankees were surely anticipating a new highwater mark as well.

The looming precedent served as the impetus behind the deal that shipped Soto to the Bronx earlier this winter, as the Yankees surrendered right-handers Michael King, Jhony Brito, and Randy Vasquez as well as catcher Kyle Higashioka and top pitching prospect Drew Thorpe to acquire Soto and center fielder Trent Grisham. The Padres, after years of ultra-aggressive spending in free agency and on the trade market, were known to be looking to scale back payroll by as much as $50MM and simultaneously looking to replenish a rotation mix that lost Blake Snell, Seth Lugo, Nick Martinez and Michael Wacha to free agency.

Soto’s stop in the Bronx could well be for one year, though the Yankees will surely do everything in their power to keep him long-term. However, he’ll reach free agency at just 26 years of age next winter and do so as one of the most accomplished young bats to ever reach the open market so early.

The rarity of this type of talent becoming a free agent at such a young age could position Soto to command a contract in excess of the $460MM net present value of Ohtani’s extraordinarily deferred 10-year, $700MM deal — and it’s also possible that he could lock in the lengthiest contract ever put forth if he and agent Scott Boras prioritize that. Last offseason saw teams willing to dole out contracts greater than a decade in length to Trea Turner and Xander Bogaerts, each running through the players’ age-40 season. A contract covering Soto’s age-40 season would need to extend a mammoth 15 years in length, but for a player of this caliber at such a young age, anything could be on the table.

Soto, in fact, already rejected a staggering 15-year, $440MM contract offer from the Nationals back in 2021, which led to his original trade from D.C. to San Diego. Detractors panned the decision at the time, but with today’s $31MM agreement, he’ll already have pocketed $54MM since spurning that overture. He’ll “only” need to top $386MM in free agency to come out ahead, and as surreal as that number sounds, it also feels quite feasible.

Any talk of a record-setting deal (or close to it) in free agency next winter is putting the cart before the horse to some extent, of course. Soto will need to remain healthy in 2024 and continue to produce at the prodigious levels we’ve come to expect throughout his incredible big league tenure. Despite having just turned 25 in October, Soto already has 160 career home runs and is a lifetime .284/.421/.524 hitter in 3375 plate appearances. That incredible OBP currently stands as the 19th-best mark in MLB history.

MLBTR Podcast: Shohei Ohtani, Juan Soto and Deferred Money

By Darragh McDonald | December 13, 2023 at 11:30pm CDT

The latest episode of the MLB Trade Rumors Podcast is now live on Spotify, Apple Podcasts, and wherever you get your podcasts! Make sure you subscribe as well! You can also use the player at this link to listen, if you don’t use Spotify or Apple for podcasts.

This week, host Darragh McDonald is joined by Tim Dierkes of MLB Trade Rumors to discuss…

The various implications of Shohei Ohtani signing with the Dodgers and Tim’s thoughts on the CBT (1:10)
The media circus around Ohtani… (9:35)
..including this piece by Bob Nightengale of USA Today (11:20)
Is this deal bad for baseball? (16:55)
The Yankees acquire Juan Soto from the Padres in a seven-player deal (22:55)

Check out our past episodes!

Winter Meetings, Ohtani Secrecy, and the Mariners Shedding Salary – listen here
Sonny Gray, Kenta Maeda and Offseason Questions – listen here
Aaron Nola, Non-Tenders And The Pace Of The Offseason – listen here

The podcast intro and outro song “So Long” is provided courtesy of the band Showoff. Check out their Facebook page here!

NL West Notes: Lee, Padres, Soto, Giants, Rockies

By Mark Polishuk | December 10, 2023 at 10:09pm CDT

The Padres’ interest in Jung Hoo Lee is well known, though the large amount of interest in Lee’s services threatens to push him out of San Diego’s price range, The Athletic’s Dennis Lin writes. MLBTR projected five years and $50MM for Lee in his first Major League contract as he made the jump from the KBO League, yet Lin hears that the the 25-year-old outfielder could land closer to $90MM, without counting the posting fee a team would additionally owe to the Kiwoom Heroes, Lee’s KBO League club.

Finances have been an big subplot of the Padres’ offseason, as the team’s debt-driven need to reduce payroll has already resulted in Juan Soto’s trade to the Yankees, as well as the seeming unlikelihood of a reunion with such high-profile free agents as Blake Snell, Josh Hader, or Seth Lugo (and Nick Martinez has already signed with the Reds). San Diego has roughly $155.7MM on the books for 2024 according to Roster Resource, yet with several roster holes to fill and a rough payroll limit of around $200MM, spending more than expected on Lee will make it more difficult for the Padres to properly address every need. Lee’s agent Scott Boras isn’t in the habit of giving pseudo-hometown discounts, even if San Diego holds particular appeal to Lee since he is best friends with Ha-Seong Kim.

Yankees Notes: Soto, Judge, Yamamoto, Bullpen

By Anthony Franco | December 7, 2023 at 11:05pm CDT

On the heels of last night’s blockbuster, Yankees general manager Brian Cashman met with reporters this afternoon. He discussed a handful of topics on where the front office will proceed.

Cashman acknowledged the team has yet to have any conversations with Juan Soto’s camp regarding a long-term extension (relayed by Chris Kirschner of the Athletic). The three-time All-Star is one year from free agency, projected by MLBTR contributor Matt Swartz for a $33MM salary. It seems all but a lock that Soto will choose to test free agency. He declined a $440MM offer from the Nationals during the summer of 2022 and certainly wouldn’t sign for less than that now that he’s within a year of the open market.

The GM conceded “it’s a possible short term situation” with Soto. That didn’t deter the Yankees from making their all-in push to install him into the 2024 lineup alongside Aaron Judge. Between Soto, Alex Verdugo and Trent Grisham, they’ve added a trio of outfielders to better balance a lineup that struggled mightily when Judge was on the injured list. The 2022 AL MVP was out between June 4 and July 28 after injuring his right big toe in a collision with the outfield wall at Dodger Stadium.

Judge played regularly from the time of his reinstatement through season’s end. While there wasn’t much doubt about his health status, Cashman confirmed today that the toe problem is fully behind him (via Bryan Hoch of MLB.com).

The Soto return was pitching heavy. Michael King headlined a group that also included Jhony Brito, Randy Vásquez and Double-A prospect Drew Thorpe. After parting with so much of their rotation depth to push that trade over the finish line, Cashman said the team will look to backfill on the pitching staff (passed along by The Athletic’s Brendan Kuty).

There’s no bigger pitching target than Yoshinobu Yamamoto. The NPB ace is scheduled to meet with MLB teams next week. The Yankees are among a handful of teams that are serious suitors for the 25-year-old righty. Mark Feinsand of MLB.com tweets that Yamamoto is the club’s priority at this point.

It seems the rotation is taking a bigger precedence than the bullpen. The Athletic reported last night that the Yankees were showing interest in free agent reliever Jordan Hicks. Feinsand downplays the club’s desire for a notable bullpen strike, however. While he confirms the Yankees like Hicks, he indicates a notable relief acquisition is more of a fallback possibility if Yamamoto signs elsewhere.

Yankees Acquire Juan Soto In Seven-Player Trade

By Anthony Franco | December 7, 2023 at 2:28am CDT

For the second time before his 26th birthday, Juan Soto is on the move. The Yankees and Padres announced a trade sending Soto and fellow outfielder Trent Grisham from San Diego to the Bronx. The Friars receive five players — right-hander Michael King, top pitching prospect Drew Thorpe, right-handers Jhony Brito and Randy Vásquez, and catcher Kyle Higashioka — in return.

Soto’s time in San Diego concludes after a season and a half. The Padres acquired the star slugger from the Nationals during the summer of 2022 in one of the biggest deadline blockbusters in history. He’d go on to appear in 214 games with the Friars, hitting .265/.405/.488. It wasn’t immediately the smoothest tenure, as Soto was hitting below his established lofty standards down the stretch in ’22 and early this past season. By May, he turned a corner and was back to performing at an elite level.

The three-time All-Star ultimately turned in a .275/.410/.519 line with 35 home runs while playing in all 162 games. He narrowly established a career mark in longballs despite the generally pitcher-friendly nature of Petco Park. Soto’s generational plate discipline remained on full display. Among hitters with 400+ plate appearances, only new teammate Aaron Judge walked more frequently. Soto trailed just the respective league MVPs, Ronald Acuña Jr. and Shohei Ohtani, in on-base percentage. He was one of four hitters to walk more often than he struck out.

It’s what we’ve come to expect from Soto, who now owns a .284/.421/.524 slash over five and a half MLB seasons. He’s on a Hall of Fame trajectory and will immediately step into the middle of the New York batting order. He and Judge now comprise the game’s most fearsome corner outfield tandem. Along with Grisham and Alex Verdugo — acquired last night from the Red Sox — they’re part of an almost completely overhauled outfield in the Bronx.

The trade is a firm win-now strike for the Yankees, the kind of headline-grabbing splash that’s reminiscent of the Bronx Bombers of old. It’s a bold push on the part of ownership and the front office after a fourth-place finish in the AL East.

In all likelihood, Soto is a one-year acquisition. He is in his final offseason of arbitration eligibility. MLBTR contributor Matt Swartz projects him for a $33MM salary that would break the all-time record for an arb-eligible player. While the Yankees are likely to inquire with Soto’s representatives at the Boras Corporation about a possible long-term extension, it is widely expected he’s strictly a one-year rental. The three-time All-Star rejected a $440MM offer from the Nationals prior to his trade to San Diego. The price would surely only be higher now that Soto is a season and a half closer to the open market.

The chance to discuss extension figures with Soto’s camp isn’t entirely without value, yet it’s far less important than ensuring he’ll be a Yankee in 2024. Manager Aaron Boone said this morning the Yankees were comfortable playing Judge in center field if necessary. The Athletic’s Ken Rosenthal thinks the team’s “most frequently used outfield” would indeed feature Judge in center despite the increased injury risk of that position, with Soto in right and Verdugo in left.

Given Giancarlo Stanton’s injury history, the Yankees should also be able to rotate their stars in the DH mix and use the glove-first Grisham in center. Top center field prospect Jasson Domínguez could factor in at some point later in the year after rehabbing from Tommy John surgery, while young left fielder Everson Pereira is likely to head back to Triple-A.

Grisham, who recently turned 27, played four seasons in San Diego. The Padres acquired him from the Brewers in a four-player trade after the 2019 campaign. Grisham had an excellent showing in the abbreviated 2020 season but has trended down offensively through the past few years. He was still a slightly better than average hitter in ’21 before falling below that in the last two seasons.

The left-handed hitter has run sub-Mendoza line batting averages in each of those campaigns. The Padres nevertheless stuck by him as their primary center fielder. Grisham has been patient enough to work a fair number of walks and reached double digits in homers for all four years in San Diego. His .191/.300/.347 line going back to the start of 2022 remains grisly, but the walks and serviceable power have been enough to make him a bottom-of-the-lineup regular.

Grisham is a plus defender in center field, annually receiving strong marks from Defensive Runs Saved and Statcast’s Outs Above Average. DRS has rated him 25 runs above average in his nearly 4100 career innings; Statcast has Grisham 30 runs better than par. The glove was enough for the Padres to tender him an arbitration contract projected around $4.9MM. Grisham will go through that process once more before qualifying for free agency after the 2025 campaign.

Between Verdugo, Soto and Grisham, the New York front office has added a trio of left-handed bats within a little more than 24 hours. Early in the offseason, general manager Brian Cashman called it a priority to bring in two lefty-swinging outfielders. There may not be one in the majors better than Soto.

It comes at the cost of a good chunk of their upper level pitching depth and significant cash. The Padres went into the offseason broadcasting a need to cut spending. The Friars had emerged as a surprising behemoth in recent years. Late owner Peter Seidler signed off on repeated sprees that pushed the Friars into the realms of the game’s top spenders. President of baseball operations A.J. Preller has never been shy about pursuing star talent.

That evidently hasn’t been entirely sustainable over the long haul. With reports of a need to scale back payroll toward the $200MM range to become compliant with MLB’s debt service ratio, speculation about a Soto trade has been rampant throughout the winter. He’d been projected for the highest 2024 salary of anyone on the roster. Yet the short-term commitment made it easier to move Soto for a noteworthy return than it would have been to shed money from a lengthy deal (e.g. Jake Cronenworth, Xander Bogaerts or Fernando Tatis Jr.).

With no intention to rebuild, the Padres needed to find a way to bring in rotation help. San Diego had arguably the sport’s best starting pitching last season. With each of Blake Snell, Nick Martinez, Seth Lugo and Michael Wacha hitting free agency, they were down to essentially Joe Musgrove, Yu Darvish and a host of unproven options with limited payroll room.

The Yankees obliged, sending a handful of upper level arms. The package is headlined by King, a 28-year-old righty who broke out as a starter late last season. The Boston College product had been an effective multi-inning reliever for the bulk of his time in the Bronx. Reeling with rotation issues late in the year, the Yankees gave King a shot as a starter. They couldn’t have anticipated it going as well as it did.

In his nine starts, King pitched to a 2.23 ERA through 40 1/3 innings. He held opponents to a .243/.284/.355 line while striking out a stellar 31.3% of batters faced. The Yankees gradually built his workload, keeping him to five or fewer innings in all but two of those appearances. King found success in both outings he did work into the sixth, each against the Blue Jays, highlighted by a 13-strikeout performance on September 20.

There’s certainly risk in betting on King to hold up as a starter. This year’s 104 2/3 innings is a personal high at the MLB level, plus King was on the 60-day IL in 2021 and ’22 for a finger injury and an elbow fracture, respectively. The Padres hit on their gamble that Lugo could convert from the bullpen last offseason, though. King held his 94-95 MPH average fastball velocity and mixes four pitches. He has dominated hitters from either side of the plate and owns an overall 2.60 ERA with a 30.6% strikeout rate in 155 2/3 frames since the start of 2022. It’s a gamble, but there’s also significant upside.

The Padres control King for two seasons via arbitration. His earnings have been capped by his career résumé as a non-closing reliever. Swartz projects him for just a $2.6MM salary in 2024. Even if he performs well over a full season as a starter, he’d likely be capped in the $8-10MM range for ’25.

Brito and Vásquez held depth roles in the rotation as rookies in 2023. The former is a 25-year-old righty who worked 90 1/3 innings over 25 outings (13 starts). Brito pitched to a 4.28 ERA overall but fared much better out of the bullpen. He turned in a 1.43 ERA with a solid 24.3% strikeout rate in relief compared to a 6.32 mark with a 16.4% strikeout percentage from the rotation. That could point to a future in long relief, although prospect evaluators generally projected Brito as a possible back-end starter.

Vásquez, 25, posted a 2.87 ERA through his first 37 2/3 MLB frames. His strikeout and walk numbers were more middling. Vásquez also struggled to throw strikes in Triple-A, although he punched out nearly 27% of batters faced in 17 starts at the top minor league level. His fastball sits in the mid-90s and he mixed six pitches (four-seam, sinker, cutter, sweeper, changeup and curveball) in his limited big league time.

Both hurlers still have two minor league options remaining. Neither has yet reached a full year of service. San Diego can control them for at least six seasons. They’re each reasonably valuable trade pieces, but Thorpe is the true secondary piece behind King.

A second-round pick in 2022, the 6’4″ righty was excellent in his first full professional season. Thorpe combined for a 2.52 ERA in 139 1/3 innings between High-A Hudson Valley and Double-A Somerset. He punched out more than a third of batters faced compared to a modest 7.1% walk rate. Baseball America had recently ranked him seventh among Yankee prospects.

According to BA, he sports a deep arsenal headlined by a plus changeup and good life on a 92-94 MPH fastball. He also has plus control and projects as a back-end or better starter. He’ll likely start the season in Double-A, but as an advanced college draftee, it’s not out of the question he’s on the mound at Petco Park sometime next summer. Preller suggested as much in a post-trade press conference this evening.

Rounding out the return is Higashioka, a veteran catcher to back up 25-year-old Luis Campusano. Higashioka had spent a decade and a half in the Yankee organization dating back to his selection in the 2008 draft. He has settled in as a respected #2 presence behind the dish. Higashioka runs bottom of the barrel on-base grades but has reached double digit homers in three straight seasons. He has excellent pitch framing marks throughout his career, although Statcast metrics suggest his typically solid blocking ability plummeted this year.

Swartz projects the 33-year-old for a $2.3MM salary in his final season before free agency. With no cash considerations involved in the swap, the financial elements of the trade are limited to the players’ respective arbitration salaries. King and Higahioka are projected to make a total of $4.9MM; Soto and Grisham will combine for something in the $37.9MM range.

It represents around $33MM in savings for the Padres. Roster Resource projects the Friars around $156MM in actual spending. They’re at roughly $209MM in luxury tax commitments, around $28MM below the base threshold. There’s room for the front office to dip into the middle tiers of free agency. They’ll likely still look for some reliability in the back of the starting staff, a back-end reliever and add at least one outfielder. Tatis could theoretically slide from right to center field, although it’s widely expected they’ll pursue KBO center fielder Jung Hoo Lee. Additionally, Preller stated his intention tonight to look to add more starting pitching.

The cost for the Yankees goes well beyond the $33MM difference in arbitration projections. The Yankees were already into luxury tax territory. Roster Resource now projects their CBT mark in the $290MM range, well into the third tier of penalization. The Yankees have paid the tax in each of the last two years, so they’re charged significantly higher penalties as repeat payors.

New York will pay a 50% tax on spending between $237MM and $257MM, 62% on their next $20MM, and 95% for spending between $277MM and $297MM. They’d be taxed at a 110% rate on every dollar past $297MM. The Yankees pretty clearly still need to add a starting pitcher and perhaps a reliever, and it’s worth considering that the cost of those additions would roughly double in 2024 due to the luxury tax – barring payroll subtractions in other places.

In total, today’s trade adds around $24.75MM in expected tax obligations. It amounts to a nearly $58MM investment for what’s primarily one season of Soto’s services and two years from Grisham. The Yankees could recoup a draft choice if Soto walks in free agency next year once he declines a qualifying offer, although that’d fall only after the fourth round because of New York’s CBT status.

Between the huge financial cost and the notable pitching talent, it’s a massive investment. That’s a testament both to Soto’s talent and the Yankees’ all-in approach to turning things around. It will likely be the biggest trade of the offseason and, unlike some blockbusters, it’s between two clubs that fully expect to compete for a playoff spot in 2024. Things are just beginning for both franchises.

Jack Curry of the YES Network reported this morning that a Soto trade was likely. MLB.com’s Jon Morosi reported the Padres would receive King, Thorpe and at least two others. Joel Sherman of the New York Post confirmed Grisham’s inclusion. Curry had the likely inclusions of Vásquez, Higashioka and Brito. Sherman first reported the deal was agreed upon.

Images courtesy of USA Today Sports.

Yankees, Padres Nearing Juan Soto Deal

By Steve Adams | December 6, 2023 at 5:39pm CDT

5:39pm: The Padres continue to evaluate the medical records of the players involved, tweets Bryan Hoch of MLB.com.

3:10pm: Curry reported on air that King, Thorpe, Brito, Vasquez and catcher Kyle Higashioka are all likely to be included in the trade (video link). The deal still isn’t quite across the finish line but could be wrapped up this afternoon.

2:42pm: The two sides are still sorting out minor details and reviewing medical information, but Heyman tweets that a deal is expected to be finalized sooner than later. Soto and Grisham are both expected to go to the Yankees.

1:47pm: Joel Sherman of the New York Post tweets that even after the Yankees’ acquisition of Verdugo, Grisham is still involved in the current iteration of talks between New York and San Diego. He’d be used as a fourth outfielder and late-inning defensive upgrade. His projected $4.9MM salary is a bit steep for that role, particularly when factoring in the associated luxury tax implications, but the Yankees don’t seem too concerned with club payroll at present.

11:20am: The package for Soto is expected to include King and Thorpe, as well as “at least two” other players, per MLB.com’s Jon Morosi, who adds that a deal is indeed close to being finalized.

8:42am: Talks between the Yankees and Padres regarding star outfielder Juan Soto have continued throughout the night, it seems, and the Yankees have “intensified” their efforts to pry Soto away from San Diego, Jack Curry of the YES Network reports. Curry calls a trade “likely,” noting that pitchers Michael King and Drew Thorpe could both be in play. Jon Heyman of the New York Post adds that in addition to Thorpe and King, each of Clarke Schmidt, Chase Hampton, Jhony Brito and Randy Vasquez have all been discussed. Certainly, the Yankees won’t be sending that whole slate of arms, but there’d likely be more to the package than Thorpe and King alone.

A trade sending Soto to the Bronx has been viewed as a possibility for much of the offseason, given the superstar slugger’s projected $33MM salary (via MLBTR contributor Matt Swartz), the Padres’ reported need to scale back payroll (while still adding to a perilously thin rotation mix) and the Yankees’ desire for aggressive and broad-reaching changes on the heels of a disappointing season. Prior reporting on the talks between the two parties have been hung up on the Padres insisting on the inclusion of MLB rotation pieces, most notably including King. That Curry mentions King and Thorpe as possibilities to be included in this deal seems to represent an acquiescence of sorts from the Yanks.

If a deal is indeed completed, Soto would be the second outfielder acquired by the Yankees in as many days. New York pulled of an extraordinarily rare swap of note with their archrivals in Boston last night, landing fellow corner outfielder Alex Verdugo from the Red Sox in exchange for a three-player package. Soto and Verdugo would join Aaron Judge in the outfield, resulting in a major overhaul of a group that was a weak point in the Bronx throughout the 2023 season.

Even with Judge in the fold, Yankees outfielders combined for a dreadful .220/.293/.399 batting line last season. The resulting 90 wRC+ suggests that Yankees outfielders were about 10% below average at the plate even with the 2022 AL MVP’s production included. Subtracting Judge from the equation, Yankees outfielders combined to post a catastrophic .214/.247/.365 batting line on the season.

A Verdugo-Judge-Soto outfield would be far more productive and also substantially reduce the Yankees’ strikeout woes; Verdugo fanned at just a 15.4% rate in 2023, while Soto wasn’t much higher at 18.2%. Both Soto and Verdugo are one-year solutions in the outfield, as both are set to become free agents following the 2024 campaign.

Presumably, the Yankees would deploy Judge in center field regularly for the upcoming season, with Verdugo in left field and Soto in right. The Padres and Yankees had previously discussed including San Diego center fielder Trent Grisham in a Soto package, but Heyman tweets that following the acquisition of Verdugo, Grisham is no longer likely to be a part of talks with the Friars. While manager Aaron Boone can’t formally comment on any potential acquisition of Soto, he did acknowledge to The Athletic’s Brendan Kuty and other reporters just now that the Yankees would be comfortable with Judge playing center field every day this coming season.

Roster Resource already projects the Yankees for a payroll north of $245MM and more than $256MM worth of luxury tax obligations. Soto would push those numbers to around $278MM and $289MM, respectively. The Yankees are already effectively at the second luxury-tax threshold, meaning the penalties they face for incorporating Soto’s salary into the fold will be steeper. As a team paying the luxury tax for a third straight season, they’d pay a 62% tax for exceeding by $20-40MM and a hefty 95% surcharge on the next $20MM spent. With regard to Soto, that’d equate to about $24.5MM of penalties on top of his projected $33MM salary.

Of course, further changes could impact that payroll and roster outlook. The Yankees have been prominently linked to star NPB right-hander Yoshinobu Yamamoto and are viewed as one of the favorites to land him. Even failing that, the Yankees could need to look for outside help in the rotation — particularly if King and/or Schmidt is indeed part of the swap that ultimately nets them Soto. Adding Soto and making a subsequent addition of any real note to the rotation (barring the acquisition of a pre-arbitration arm to plug into the mix) would push the Yankees into the newly created fourth tier of luxury penalization — often referred to as the “Steve Cohen tax” in reference to the crosstown owner of the Mets.

Latest On Juan Soto

By Nick Deeds | December 3, 2023 at 7:08pm CDT

Recent reporting on the trade talks between the Padres and Yankees regarding superstar outfielder Juan Soto have indicated that the sides have hit an impasse in their trade discussions. Jon Heyman of the New York Post reported this morning that the sides haven’t talked since San Diego requested the previously-reported multi-player package centered round right-handers Drew Thorpe and Michael King, though The Athletic’s Brandon Kuty suggests that discussions between the sides are expected to reignite during the Winter Meetings this week.

Kuty goes on to discuss the current state of discussions between the sides, with a few noteworthy updates to past reporting. While San Diego’s proposal was previously believed to be a six- or seven-player package centered around King and Thorpe plus salary relief in exchange for Soto and Trent Grisham, Kuty suggests that the Padres proposed an eight-for-two swap with right-handers Clarke Schmidt, Jhony Brito, and Randy Vasquez all included in addition to King and Thorpe. The other three players in San Diego’s proposal are not known, though Kuty suggests that top prospects Oswald Peraza and Everson Pereira both are “figured to be on the table” in discussions.

The mention of Pereira as a potential piece in a Soto is especially noteworthy as past reporting has indicated that the 22-year-old has not been part of discussions between the sides. The young outfielder has emerged as a consensus top-100 prospect in the sport after slashing .300/.373/.548 in 81 games split between Double-A and Triple-A this season, though he struggled in a 27-game cup of coffee with an anemic .151/.233/.194 slash line in 103 big league plate appearances down the stretch. The inclusion of Pereira as a big-league ready outfield option could make plenty of sense for San Diego, particularly if the club parts with both Soto and Grisham in a deal.

While the specifics of reports on the Padres’ requested return package have conflicted, it’s clear that San Diego is hoping to receive a hefty return with a focus on MLB-ready pitching. What’s more, there’s a clear consensus between reports that the Yankees are particularly hesitant to include King and Thorpe in a package for Soto. Despite the gap between the sides in trade discussions, Kuty notes that restarting talks makes plenty of sense for both sides. The impetus behind a Soto deal for San Diego is the club’s desire to cut payroll, and Soto’s projected $33MM salary (courtesy of MLBTR contributor Matt Swartz) limits the number of teams that could realistically fit a deal for Soto into their budget. Meanwhile, Kuty notes that the Yankees are facing considerable pressure to improve after missing the playoffs with an 82-80 2023 campaign.

While Kuty notes that Cody Bellinger is another star-caliber lefty outfielder who the Yankees have interest in, no outfield addition is appealing to the club as Soto. Likewise, Kuty suggests that the Blue Jays represent a potential suitor for Soto if the Padres can’t get a deal done with New York. It’s a suggestion further backed up by SNY’s Andy Martino, who describes Toronto as a “real contender” for Soto, with Heyman adding that right-hander Alek Manoah has come up in discussions between San Diego and Toronto. That said, Martino suggests that the Jays are believed to prefer to wait on a Soto deal until they know whether or not they’ll be successful in their bid for superstar slugger Shohei Ohtani.

Kuty suggests that waiting for Ohtani to make a decision could be a double-edged sword for the Padres. While another superstar-caliber left-handed slugger coming off the board could raise the pressure on interested clubs to acquire Soto, the Padres are likely to attempt to use the savings from a Soto deal to explore the free agent starting pitching market, and waiting to move Soto could leave San Diego with less options on that front. While the free agent market has largely moved slowly to this point in the offseason, the top end of the rotation market has been something of an exception to that rule with Aaron Nola and Sonny Gray having already signed on in Philadelphia and St. Louis, respectively.

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