Superstar outfielder and newest addition of the New York Mets Juan Soto has finally started the offseason with a bang. Right before the MLB Winter Meetings were set to get underway on Monday, Soto and the Mets agreed to an eye-popping 15-year, $765 million free-agent deal on Sunday. That deal tops two-way star Shohei Ohtani's $700 million last offseason and becomes the largest contract in sports history.
The Philadelphia Phillies were believed to be in the mix early on in the Soto sweepstakes, but that never truly lived up to the hype. Soto never met with Philadelphia. Given the dollar amount of the deal, Mets owner Steve Cohen was the perfect person (subscription required) to steal him in a bidding war from the Yankees and any other team, per Patrick Mooney and Will Sammon of The Athletic.
The lack of interest in Soto from the Phillies was unexpected but perhaps it was for the better.
Phillies' lack of interest in record-setting Juan Soto sweepstakes is a good thing
The contract agreement is always the easy part of the deal. There's still the reality of the money on the books for that long at the current price tag of $51 million per year. For context, the Athletics' payroll is projected at $47 million for all of next season. That is quite a haul to commit to just one player on your roster.
The Phillies were in a tough spot. Their estimated payroll is already projected to be No. 1 in MLB at around $287 million, including active, pre- and post-arbitration salaries. That would be well over the 2025 CBT tax threshold ($241 million), per MLB.com. If they had added Soto, they would have blown well past the tax bracket and would have to pay an additional 42.5 percent surcharge on the overage. The Phillies have also exceeded the tax threshold every year since 2022, which they are already penalized at a 50 percent tax rate.
The behind-the-scenes is where it gets hairy for financially committing to Soto. The Phillies have done a great job of signing players in recent years. First baseman Bryce Harper and right-hander Zack Wheeler have become the heroes this city needed, while players like Trea Turner, Kyle Schwarber and Nick Castellanos have contributed in other major ways.
The Phillies still have money tied up in this current core and for good reason. The only money to soon come off the books would be Schwarber and J.T. Realmuto's combined $44 million after 2025, per Spotrac. They have a championship window they feel they can keep open with the squad they have. They have sustained the drive to win and fans have to wait and see if this core will end up being the group to bring home the Commissioner's Trophy.
If not, there are many other names out there that won't cost $765 million to bring aboard.