Yankees chairman Hal Steinbrenner appeared on the Yankees News & Views podcast today and host Jack Curry of the YES Network asked him about the possibilities of extending the outfielder. Juan Soto. YES Network shared a video clip in X.
“I think we’d like to see him here for the rest of his career,” Steinbrenner said. “I don’t think there’s any doubt about that.” He goes on to say that Scott Boras, Soto’s agent, doesn’t usually do mid-season extensions. Steinbrenner says he generally prefers to avoid in-season discussions so they don’t become a distraction, but that Soto is a special case.
That’s because of Soto’s obvious skills but also because he’s only been a Yankee for a few months, acquired from the Padres in December with one season left before he hits free agency. Steinbrenner said he wants to give Soto time to get to know the organization before entering into discussions about long-term plans. “I wouldn’t be surprised if there was a conversation or two, maybe during the season.”
In the latter part of the clip shared above, Curry suggests contacting Boras about what Steinbrenner said. Boras said he is always willing to talk to Steinbrenner, but Soto is focused on winning.
Soto himself was asked about the comments after the afternoon game and echoed what Boras said, with the YES Network sharing a clip on X of those as well. “My door is always open,” said Soto. “Whenever he wants to start talking to Scott and all his people, they’re always open. They are always open to hearing anything he has. And for me, I’m focused on the game right now.”
The topic of Soto’s future free agency, or an extension to prevent that free agency from happening, has been a topic of discussion for quite some time. That’s because of how unusually young he started and because of the rapid success he’s maintained or developed. Soto started with the Nationals in 2018 at just 19 years old. He hit 22 home runs in 116 games while hitting an even 16% from his plate appearances. His .292/.406/.517 batting line translated into a 146 wRC+.
He never offers much in terms of speed or defense, but his combination of power and plate behavior is unique and consistently consistent. He currently has 169 career home runs and a walk rate of 18.7%, while striking out just 16.9% of the time. He slashed .286/.420/.525 overall and has a 155 wRC+, which includes a .310/.408/.530 line and a 170 wRC+ as a Yankee this year.
Those skills and his age put him in a position to get a big contract. Most free agents reach free agency for the first time near their 30th birthday but Soto is only 25 years old. He will turn 26 on October 25, just before he hits the open market.
The fact that Steinbrenner is interested in an extension is somewhat remarkable since the club doesn’t do it often. MLBTR’s Contract Tracker shows they’ve made just three in the last decade, which they haven’t had Luis Severino, Aaron Hicks again Aroldis Chapman. Those deals didn’t go particularly well for the most part and the club may not be happy about doing multiple extensions in general, but Soto is clearly in a different stratosphere than those players. That Steinbrenner is willing to do something different here isn’t surprising, but actually doing it won’t be cheap.
Back in 2022, the Nationals reportedly offered Soto $440MM over 15 years. When he refused, they decided to sell him, which is how he ended up as Padre. While that may be a lot of money to leave on the table, he has earned a decent portion of it. Since turning down that deal, he made $23MM last year and $31MM this year, his last two seasons of arbitration. That means any contract over $386MM will prove you made a wise financial decision by turning it down.
Last month, Boras revealed that the late Peter Seidler tried to broker a deal to keep Soto in San Diego. However, Seidler’s failing health interrupted the negotiations and he died in November. The following month, Soto was traded to the Yankees as the Padres’ financial situation forced them to cut their budget.
Keeping Soto off the open market will obviously be a challenge. Yankees general manager Brian Cashman acknowledged that in February. “This may be a one-year situation,” he said. “I don’t see many things preventing him from getting freedom.”
All sorts of speculations have arisen about what number would be needed to sign Soto to a contract. The $500MM round number is often thrown around as a ballpark guess, but that’s just a guess.
With Soto now just a few months away from the open market, there’s no reason to accept anything but free agency rates. The largest contract in MLB history is Shohei OhtaniA recent ten-year, $700MM deal with the Dodgers. Heavy deferrals in the deal put the current value closer to the $435-465MM range, though that adjusted figure makes it the largest ever, both in terms of total guarantee and annual average value.
Soto obviously doesn’t have Ohtani’s two-way power or the same international marketing power, but Ohtani is now 29 and about to turn 30, meaning Soto will be marketing three to four more years compared to Shohei. That young people are important to groups, as recently seen with Yoshinobu Yamamoto free agency. Going into his age 25 season, he drew widespread interest despite his lack of major league experience. He finally blew away expectations when he signed for $325MM over 12 years, and over $50MM in salary.
The Yankees have long been one of the biggest spenders in baseball, but they have a decent amount of money on the books. In the middle Aaron is the judge, Gerrit Cole, Giancarlo Stanton again Carlos Rodón, they have four players making $25MM or more in 2027 or more. The Marlins are underpaying Stanton’s contract but the Yankees already have nearly $150MM committed on the books for three years down the line, according to Roster Resource.
With a generational talent like Soto, they probably won’t mind adding another big contract to the pile. However, Boras may want to wait a few more months to see what teams like the Mets, Dodgers, Blue Jays, Red Sox, Phillies or others have to offer. Taking them to the table would increase the chances of a bidding war that raises prices and the Yanks may have to put down a big number to prevent that from happening.
