The New York Yankees appear to have given up hope of signing All-Star outfielder Juan Soto to a contract extension ahead of free agency.
“Yankees owner Hal Steinbrenner is said to remain steadfast in his interest in signing Juan Soto long term — though the Yankees do seem to be convinced now that it isn’t happening in-season,” MLB source Jon Heyman wrote Thursday night.
Heyman’s announcement is not surprising, given that it was assumed when the Yankees acquired Soto from the San Diego Padres in December that agent Scott Boras would sign the 25-year-old in free agency after this year’s World Series. In late June, Soto carefully avoided confirming or denying that Boras could engage with New York Mets owner Steve Cohen this fall.
Interestingly, the Yankees and Mets are heading in different directions before the All-Star break. While the Yankees are experiencing a summer slump, the Mets started Friday with a National League wild-card playoff spot after being considered postseason longshots just a month ago.
“Soto…will be seeking $500M plus, and likely even $600M,” Heyman noted. “Soto’s reluctance to negotiate in-season is due to a preference not to distract from the season (and, of course, the opportunity to choose). Let’s be real: No star of that caliber signs months before free agency.”
Soto has likely increased his value despite the Yankees’ recent struggles. In his first 91 games with the Yankees, he batted .297 with 22 home runs, 64 RBIs, and a .992 OPS. As of Friday morning, DraftKings Sportsbook listed Soto third among the betting favorites with +1800 odds to win the American League MVP Award this season.
Steinbrenner caused a stir when he said this past spring that the club’s payroll is “not sustainable” due to luxury-tax penalties. Yankees play-by-play announcer Michael Kay later emphasized that Steinbrenner was “not bluffing when he says $300M is an unsustainable payroll.”
This doesn’t mean Steinbrenner won’t re-sign Soto before Christmas, but it should be noted that there is no indication the slugger will give the Yankees any type of discount before or after he reaches free agency.
