The question on every fan’s mind is whether the New York Yankees will secure Juan Soto with a blockbuster contract extension. With the New York Mets expected to be their biggest rival for his signature, Soto is entering the offseason with his value at an all-time high. Not only did he light up the regular season, but his performance in the playoffs was key to the Yankees’ World Series journey, making him a centerpiece the team would not have let walk away decades ago—and shouldn’t in 2024.
Yankees’ Financial Flexibility
Soto’s goal will be to maximize his contract, and he won’t settle for anything less than he feels he deserves. Mets owner Steve Cohen will undoubtedly drive up the price, but Hal Steinbrenner has the means to make a competitive offer.
The debate may center on the annual salary rather than contract length, with Soto only 26 years old. A deal that pays him $50 million per year may eventually look like a bargain if he continues to perform into his late 30s. Multiple World Series wins during his prime would make an investment in Soto even more worthwhile. Soto could also become the face of the franchise as Aaron Judge ages, ensuring his worth goes far beyond the field.
The Consequence of Losing Soto
Losing Soto would be catastrophic—not just for the team’s on-field performance but for fan morale and the franchise’s future as a contender. While there are concerns about the Yankees’ base running and defensive weaknesses, the value Soto brings is unmatched. His offensive power fueled the team to a World Series appearance, and his retention should be a top priority despite other roster needs.
Potential Contract Offer and Long-Term Implications
According to Jim Bowden of The Athletic, the Yankees are likely to match offers from the Mets and Dodgers, putting a 14-year, $622 million deal on the table. This contract would average $44.4 million annually and secure Soto until his 40-year-old season. The Yankees might even push the deal closer to $50 million per year, offset by savings from rejecting Anthony Rizzo’s club option — saving $17 million in luxury tax salary.
“The Yankees match the Mets’ and Dodgers’ best offers to Juan Soto, signing him to a $622 million contract that keeps the Soto-Aaron Judge tandem in New York’s lineup for years to come.”
The Yankees have little reason to let Soto slip away, as they can afford to pay him fairly while building a team around him with young talent and pre-arbitration players.
Young Talent and Financial Flexibility
The Yankees’ farm system offers plenty of options to keep costs manageable. Anthony Volpe remains pre-arbitration, Austin Wells will be in his second season behind the plate, and Jasson Dominguez is expected to take over left field as a rookie next year. First base could be filled by Ben Rice, reducing expenses further.
With depth in the farm system, the Yankees can make moves to stay competitive while managing payroll. Jazz Chisholm and Luis Gil are both on inexpensive deals, with Gil just entering his second year as a starter. Additionally, Giancarlo Stanton’s contract expires in 2028, freeing up $32 million per year for future flexibility.
Path to Payroll Efficiency and Continued Competitiveness
From a payroll perspective, the Yankees are in a strong position to afford Soto’s extension while continuing to add talent. The team will need to be strategic, but their young roster gives them ample breathing room. Running it back with some small but impactful changes—like an upgrade at first base and potentially at second if Gleyber Torres moves on—will keep costs down without sacrificing performance. Replacing Alex Verdugo with Jasson Dominguez not only brings fresh talent but also saves money.
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By retaining Soto and fine-tuning the roster, the Yankees could enter 2025 as an even more consistent, well-rounded team with a real shot at the World Series.