When the 2024 season comes to an end, the Yankees face a massive decision regarding superstar outfielder Juan Soto. Ownership has already made it clear they would love to extend him on a long-term deal, but the price tag keeps moving forward, and he may be closing in on $550 million in total.
Yankees’ Financial Strategy and Competition
The Yankees could try to convince him to defer some money, allowing them to spend more in the near term, but he’s earned every penny he’s going to get on the open market, and there will certainly be competition. At the moment, the Yankees’ crosstown rivals, the New York Mets, have the heavy-hitting Steve Cohen at the helm. Cohen has the financial capacity to sign Soto to a blockbuster deal, but the Yankees are rich enough to match, so it depends on his preference at the end of the day.
Soto’s Performance and Team Chemistry
The Yankees are in a fine spot to extend him long-term, especially since he’s enjoyed his time donning the pinstripes and has become friendly with the majority of players on the team. Everything has been positive so far, and the 25-year-old generational talent continues to show his value.
Over 118 games this season, Soto is hitting .307/.438/.615, including 34 homers and 87 RBIs, with a 15.1% strikeout rate, 18.8% walk rate, and 192 wRC+. In a critical contract year, Soto is not just having a great season but his best season ever.
Soto’s Unmatched Offensive Skills
He’s on pace to break his career-high 35 home runs with ease, posting unbelievable power metrics. Soto ranks in the 100th percentile in xwOBA, xBA, and xSLG. In addition, he hosts a 100th-percentile barrel rate and is one of the most disciplined hitters in the entire sport. There’s nothing he can’t do offensively, and the Yankees can’t afford to lose his bat in the lineup because there simply isn’t a replacement.
Defensive Improvements
Despite being known as a lackluster defensive player, Soto has completely flipped the script on that narrative. Over 999.1 innings this year, he hosts a .992 fielding percentage with six defensive runs saved, the best in his career by a significant margin.
The Bigger Picture
Every aspect of his game has been elevated and he’s been great for years, suggesting the Yankees would get more than enough value from their investment. He will make every penny the Yankees spend on him back in jersey sales and playoff runs, but the team still has weaknesses they need to iron out.
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Mets’ Potential Interest
On the other side of town, the Mets have been clearing salary space for two years, preparing to battle it out for Soto’s services. Cohen did Hal Steinbrenner a favor and bowed out of the Aaron Judge sweepstakes, but this time around, things aren’t going to be so easy. Other teams that could be interested include the Dodgers and Giants, but it is unlikely they will cough up the cash. Soto looks like a Yankee legend in the making, and Steinbrenner letting him walk would be unforgivable.