What we know about Juan Soto’s deal with the Mets
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What we know about Juan Soto’s deal with the Mets

Posted on by Amelia Pressman

Juan Soto’s new contract is a record-breaking one, but it comes with some complexities.

The New York Mets’ newest star agreed to a 15-year, $765 million contract with his former team’s crosstown rival late Sunday night. The contract not only surpasses the $700 million deal Shohei Ohtani signed with the Los Angeles Dodgers last offseason, but is also the largest deal in North American sports history.

Here’s what else we know.

No deferred money

Unlike Ohtani’s contract, Soto will not receive any deferred money, according to ESPN. Ohtani memorably had $680 million of his $700 million contract deferred, reducing the average annual value of the contract for Competitive Balance Tax purposes to $46 million, according to MLB estimates. So the average annual value of Soto’s contract of $51 million would be the highest in MLB history, at least as far as the luxury tax is concerned.

It could end up being worth more than $800 million

According to FOX Sports’ Ken Rosenthal, Soto received a $75 million signing bonus as part of the deal.

But the deal has the potential to get even richer. According to ESPN, it includes escalators that would be valued at over $800 million.

There is an opt-out clause

The deal also allows Soto to potentially become a free agent again in his prime. According to multiple reports, Soto, 26, will be eligible to opt out after the fifth season of his contract in 2028, when he will be 31.

However, the Mets can void Soto’s opt-out if he exercises that option. In that case, New York would increase the average annual value of his contract from $51 million to $55 million over the contract’s final 10 seasons, according to Rosenthal.

Soto turned down big offers from the Yankees and Red Sox

Soto also rejected several offers worth at least $700 million. His former team, the New York Yankees, made him a 16-year, $760 million offer, the New York Post reported. With the Yankees’ offer just under the total value, it was assumed that Soto’s old club was in the lead and was able to secure his services before Mets owner Steve Cohen “came off the top rope” to complete the deal, reported SNY.

The Boston Red Sox, who also had an interest in Soto, made an offer worth around $700 million over 15 years, according to MassLive. It was reported earlier this week that the Toronto Blue Jays had an offer that was competitive with what the other teams in the sweepstakes were making at the time, while the Dodgers were just a little behind.

While everyone would like to be able to juggle multiple $700 million offers, Soto seemed overjoyed with his decision on Sunday. His brother posted a video on social media of Soto getting splashed by drinks, ending the most expensive sweepstakes in North American sports history.

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