After reports surfaced last night that the superstar free agent’s services were at stake Juan Soto Although the amount could exceed the $700 million threshold, this possibility now appears to have come true. The New York Post’s Jon Heyman reported this evening that both the Yankees and Mets recently increased their offers to the $710 million to $730 million range as the slugger’s free agency nears its end. Heyman points out that while it is “believed” the Mets made the higher bid of the two New York clubs, the deals appear to be in the same ballpark. He adds that despite the record-breaking offers from both New York clubs, there is no sign yet that the Red Sox, Blue Jays or Dodgers are out of the Soto sweepstakes.

It was long expected that the 26-year-old phenomenon would easily break the net present value record Shohei OhtaniThe megadeal with the Dodgers was completed last winter and is valued at approximately $461 million, taking into account the pact’s extensive deferrals. Even so, it’s still a bit shocking that bidding for Soto rose so high that Ohtani surpassed the $700 million guarantee Ohtani received last winter before Consideration of deferred funds is on the table. It’s of course possible that Soto’s deal could include some deferred money, but even given that possibility, it seems increasingly likely that it will shatter not only expectations heading into the offseason, but all previous precedents for guaranteed and annual money for the MLB Contracts.

Of course, Soto is capable of breaking records for a reason. The youngster is particularly attractive to clubs as he ends his age-26 season in free agency this winter. This extreme youth is unusual in free agency, especially among top talent, and enabled right-handers Yoshinobu Yamamoto securing a record-breaking contract as a starting pitcher last winter despite never having thrown a single pitch in the MLB. In contrast, Soto is a four-time All-Star and two-time MVP finalist who has never been less than 43% better than league average in wRC+ over his career to this point. Soto’s combination of youth and track record hasn’t been seen in the majors since Alex Rodríguezis free agency more than two decades ago, and during that time teams have placed more and more emphasis on youth.

According to Heyman’s report, all five known finalists for Soto’s services remain in the running for the superstar, who is widely expected to make his decision within the next day or two. Heyman believes the Yankees, Mets, Red Sox, Dodgers and Blue Jays all offered Soto at least $600 million, with the Dodgers’ offer being the lowest of the five by a wide margin. Beyond that, however, Heyman notes that the other four clubs have made offers that are “believed” to be relatively close to each other, and it is unclear which of those four clubs has made the highest bid so far. Additionally, Heyman points out that Soto won’t necessarily choose the highest bidder, although it’s unclear what might motivate Soto to accept a lower offer. The Mets and Yankees were widely viewed by the industry as the favorites to sign Soto throughout his free agency, but whether that perception matches his actual preferences remains a mystery. The Red Sox, for their part, reportedly pushed for an additional meeting with Soto’s camp earlier this week, though it’s unclear whether that request was or will be granted before the star makes his decision.