While the New York Yankees are one of the few teams who are yet to make a free agent signing, they’ve still added quite a few strong players to their squad. The biggest one without a doubt is the Dominican superstar Juan Soto. Arriving after many twists and turns, Soto represents a major win in an otherwise barren offseason of the Bronx Squad. Every silver lining has its cloud, and for the Bombers, victory in this instance comes at a steep price.
The Childish Bambino is perhaps the kind of player that the Yankees have always needed. A slugger who happens to be a lefty and has the power to ensure massive hitting. But with only one year of guaranteed service, can the Yankees find a way to make complete use of that time? With a massive salary, could Soto’s entry prove detrimental to the remaining offseason of the Bombers?
Juan Soto and the New York Yankees – A fling or a long marriage?
In 2023, the San Diego Padres paid Juan Soto a salary of $24 million. With a season where he hit 35 home runs, Soto lived up to that amount. But what scared them the most was Soto’s 2024 salary, so they traded him away to the New York Yankees. As a result, the Bombers are about to pay Soto a salary above $30 million, with most reports putting it in the vicinity of $33 million.
Last year the Yankees had the second highest payroll. So, the Bronx payroll was already under pressure. But now with the entry of Soto, the pressure has increased a bit more. Perhaps that’s why their offseason business seems to have stalled.
The Yankees declined to go above $300 million to Yoshinobu Yamamoto and have not spent a huge amount yet. While the team is still below the taxation slab, the question is not of now but of the 2024 offseason. It is a time where Soto will become a free agent then and is anticipated to sign a massive contract – especially after rejecting a $440 million offer from the Washington Nationals.
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If the Yankees want to bid strongly for Soto, they’ll have to start managing their payroll this offseason. Especially due to the salaries they’re already paying.
The Bronx’s financial landscape
The Yankees are set to pay $40 million to Aaron Judge, $36 million to Gerrit Cole, $32 million to Giancarlo Stanton, and $27 million to Carlos Rodon at least till 2027. So, adding a potential $30 million plus the salary of Soto, they’ll have to find space in their payroll. That could be why the Bombers seem hesitant to make big free-agent deals this year.
But with such a huge salary, it’ll be interesting to see how Soto functions in the Pinstripes. With the Yankees and Soto both in a win-now mode, it seems the Yankee Stadium might see a lot of fireworks this year.
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