We still don’t know which team will choose Juan Soto in free agency, but we can say now that he will likely set an all-time passing record.

According to Jon Heyman of the New York Post, the New York Yankees and New York Mets have increased their offers for the free-agent slugger to a range between $710 million and $730 million. If Soto were to sign a contract with such a number, it would break the record for the largest known contract in sports history.

Heyman also reports that the bidding could end in the next day or two, just as the MLB Winter Meetings are set to begin.

The current contract record holder is, of course, Shohei Ohtani and the 10-year, $700 million contract he signed with the Los Angeles Dodgers last offseason. Soto is unlikely to reach Ohtani’s record average of $70 million per year, as Soto’s contract is expected to last well over a decade.

On the other hand, Soto’s contract could be significantly more valuable if his contract does not include deferrals like Ohtani’s, which is valued by the MLB as a $460 million deal for luxury tax purposes.

The Juan Soto competition is getting silly

A big question now is whether the Dodgers as well as the Boston Red Sox and Toronto Blue Jays will join the New York teams in this offer level.

These five teams have been considered top contenders for Soto’s services in recent weeks, and this report from Heyman, known for his ties to Soto’s agent Scott Boras, could be viewed as a command to make their final offers. The Mets are reportedly expected to have the current high offer, albeit just barely.

There are several other crucial aspects of the race, such as whether a team is willing to give Soto an opt-out and the opportunity to enter free agency down the line, à la Alex Rodriguez.

At stake is not just a potential Hall of Famer, but also the prime years of a potential Cooperstown resident’s inner circle. Soto, who turned 26 just two months ago, is poised to continue being one of the best hitters in the game for years to come.

Whatever the outcome, Soto will be rewarded not only for the patience he has shown over the past seven years, but also for the patience he has shown in waiting for his payday. He turned down at least one $400 million offer from his old team, the Washington Nationals, and is now poised to exceed that offer by hundreds of millions of dollars.

It definitely helps if all of the MLB financial talent has decided to make you a priority, perhaps with the exception of the Dodgers, who could just be careful not to miss out on a deal if Soto decides to enjoy the other benefits They would offer themselves as an up-and-coming super team.