Yankees, Juan Soto Avoid Arbitration
The Yankees and star outfielder Juan Soto have reached an agreement to avoid arbitration for the 2024 season.
Record-Breaking Salary for Soto
According to Joel Sherman of the New York Post, the Yankees and Juan Soto have avoided arbitration by agreeing on a $31MM salary for the 2024 season. This new salary sets a record for the largest ever agreed upon by an arbitration-eligible player.
Soto, a client of the Boras Corporation, surpasses the previous benchmark of $30MM set by Shohei Ohtani last offseason. The 25-year-old outfielder had an impressive season at the plate, finishing with a strong .275/.410/.519 slash line.
Soto also earned his third consecutive All-Star appearance, his fourth consecutive Silver Slugger award, and finished sixth in NL MVP voting. With his stellar performance and previous arbitration experiences, Soto becomes the highest-paid arbitration player in history for a one-year deal.
Trade to the Yankees and Future Outlook
During the offseason, Soto was traded to the Yankees from the Padres. In exchange for Soto and center fielder Trent Grisham, the Yankees gave up right-handers Michael King, Jhony Brito, Randy Vasquez, catcher Kyle Higashioka, and top pitching prospect Drew Thorpe.
Although the Yankees aim to keep Soto long-term, there is a possibility that the outfielder will become a free agent next winter at the age of 26. As one of the most accomplished young bats in the game, Soto could command a contract surpassing the $460MM net present value of Ohtani's 10-year, $700MM deal.
Last season, contracts exceeding a decade in length were signed by Trea Turner and Xander Bogaerts. If Soto prioritizes a lengthy contract, it could potentially cover his age-40 season and stretch for 15 years. However, it remains to be seen what kind of offers he will receive in free agency.
Impressive Resume and Future Potential
Soto's decision to reject a 15-year, $440MM contract offer from the Nationals in 2021 has proven to be beneficial. Since then, with the $31MM agreement in place, he has already earned $54MM.
With his young age and exceptional talent, Soto has the potential to secure a lucrative contract in free agency. As long as he remains healthy and maintains his impressive performance, a record-setting deal could be within reach next winter.
Throughout his career, Soto has already amassed 160 home runs and holds a lifetime slash line of .284/.421/.524. His outstanding on-base percentage currently ranks as the 19th-best in MLB history.
