The baseball world shook Sunday night with news that Juan Soto has agreed to a 15-year deal with the New York Mets for $765 million. The contract reportedly includes a $75 million signing bonus and a way for the deal to potentially hit the $800 million mark.
The New York Yankees, Soto's 2024 ballclub, were the runners-up in the most-anticipated signing of the offseason. Their final offer was 16 years and $760 million, according to multiple reports.
At first glance, it might appear that Soto went to the Mets for the extra $5 million, but there's a little more to it than that.
First up, it's unclear if the Yankees offered a signing bonus of that level, or at all. Getting $75 million up sooner rather than later -- though it's not clear how and when all of Soto's signing bonus will get paid -- seems like a coup for a 26 year old.
The Yankees' offer of that 16th year, while ostensibly providing more job security, means a touch less money per season for Soto. Why have to play an extra year just to get the full amount of the contract when the Mets will have him fully paid through the 15th year?
And then there's the Mets' opt-out clause. Soto can opt out of the deal after five years (following the 2029 season), but the Mets can block him from reentering free agency by adding an extra $4 million per year to the final 10 years of his deal. That would be $40 million in total and raise the total value of the deal to $805 million.
Soto's deal is a bit front-loaded, and he is reportedly set to make $305 million in the first five seasons before the opt out comes up. Would a 31-year-old opt out of a deal worth $460 million and try to make his team raise that figured to $500 million? Players are supremely confident beings and there's little doubt in Soto's head that he's going to be amazing for all 15 years of the contract. It's certainly possible this record-breaking deal is worth even more.
This means, in the end, Soto could be looking at $800 million from the Mets over 15 years that includes a $75 million signing bonus vs. $760 million from the Yankees over 16 years without a bonus.
We can't know everything that was running around in Soto's head, but in terms of the money, the Mets had a better offer. It might not have been a blowout, but there was a bit more separation than simply the $5 million we see at first glance.
