Juan Soto Signs With Mets: Biggest Contract in MLB History

Posted on: December 9, 2024, 05:56h. 

Last updated on: December 9, 2024, 02:09h.

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The Juan Soto stakes are over. Late Sunday night, on the eve of Major League Baseball’s Winter Meetings, it was announced the right fielder agreed to a 15-year, $765 million deal with the New York Mets — the largest contract in MLB history.

Yankees Barely Miss Out

Jon Heyman from the New York Post reported that the New York Yankees, Soto’s now former team, where the star right fielder hit .288, 41 home runs, 109 RBIs, and a .989 OPS (on-base plus slugging) last season, bid $760 million over 16 years for Soto.

The Toronto Blue Jays, Los Angeles Dodgers, and Boston Red Sox were also reportedly in on the bidding for the free agent.

There had been reports over the past few weeks that whatever team came in with the highest bid, Mets owner Steve Cohen, the hedge-fund manager (Founder, Point72 Asset Management), who bought the Mets in 2020 for $2.4 billion, would top it.

Cohen Wooed Soto

The Soto contract reportedly has features like an opt-out, a signing bonus, and no deferred money.

According to a report from the Athletic, the Mets and Soto met at one of Cohen’s homes in California in November. That was different from all of Soto’s other meetings with different clubs, which were held at hotels.

The personalized request from the Mets, league sources said, was Cohen’s wish. During the meeting, Cohen spoke about his background, his relationships and what has made him successful.”

The Athletic further reported that “Soto’s get-together with the Mets shared commonalities from [the team’s] previous meetings with high-profile free agents, where pieces of Cohen’s personality poured out into the process.”

In past meetings, according to people briefed on the discussions, Cohen told free agents that he “views his ownership as a civic duty,” and that he’s in baseball “for the long haul” and “to build a perennial winner.”

Betting Odds Adjusted

The impact of Soto’s signing on MLB odds was immediate. At BetMGM on Monday morning, the Mets are now second to the Los Angeles Dodgers as World Series favorites, at +700 (the Dodgers are +350), followed by the Atlanta Braves (+800), the Yankees (+900) and Philadelphia Phillies (+1200).

“Juan Soto to the Mets significantly improves their chances of winning the World Series. A move from +1200 to +700 is massive for one player, but it also indicates that Steve Cohen and the Mets look to be all in and will continue adding pieces to their team,” said Hal Egeland, Trading Strategy Manager, BetMGM

If you’re a fan of the Blue Jays, this is another bitter pill to swallow, after missing out on the Shohei Ohtani sweepstakes last winter, with Ohtani signing with the Dodgers for 10 years and $700 million.

Blue Jays Miss Out Again

Blue Jays all-star slugger Vladimir Guerrero has one more year of team control, then he’s also positioned for free agency if the Jays don’t lock him down. The same is true for shortstop Bo Bichette. Both Guerrero and Bichette are homegrown talents and the cornerstones of what was supposed to be a championship-caliber team.

Now the Jays have a contract with Guerrero to deal with.

Guerrero hit 30 home runs last season, with a .323 batting average, 103 RBIs, and a .940 OPS. The Soto contract raises the tide on Guerrero when it comes to money.

The Jays are a distant +6600 at BetMGM to win the World Series.