MLB payrolls are increasing to previously unheard-of levels as a result of a rise in the value of free-agent contracts. Steve Cohen and the New York Mets are now the proud owners of the biggest salary in Major League Baseball history as a result of the surprising announcement that Carlos Correa chose the New York Mets over the San Francisco Giants.
Following his routine physical check, Correa’s free agent shortstop decision was to forego his contract with the Giants in favor of a 12-year, $315 million agreement with the New York Mets after the Giants’ medical staff discovered something that raised concerns.
The team will have spent over $800 million this summer if Correa passes the team’s physical and signs with New York.
Here is a closer look at the top three most costly clubs for the upcoming season, with the New York Mets on course to break the previous record for MLB payrolls in a single season.
1. New York Mets, $495 million in MLB salaries
With an anticipated $384 million in roster obligations, the Mets will enter the 2023 season with the biggest salary in MLB history. For the 2023 season, Steve Cohen will have to pay around $495 million in wages and more than $111 million in tax.
The Mets signed David Robertson, Justin Verlander, Carlos Correa, Jose Quintana, Kodai Senga, Omar Narvaez, Jose Peraza, and others after spending $806 million on new players. They also re-signed Edwin Diaz, Brandon Nimmo, and Adam Ottavino.
2. New York Yankees, $310 million
This offseason, the main goal of the New York Yankees was to sign Aaron Judge, the current American League MVP. The slugger signed a 9-year, $360 million contract, and the Yankees achieved their goal. With an average yearly compensation of $40 million as a result of the agreement, Judge became the highest-paid position player in the league.
The Yankees also signed free agency starting pitcher Carlos Rodon, who signed a six-year, $162 million contract with them. By declining to re-sign free agents like Aroldis Chapman, Andrew Benintendi, and Jameson Taillon, New York was able to reduce some of its expected 2023 wages.
3. San Diego Padres, $251 million
San Diego Padres’ payroll is the third-highest among MLB teams. The Friars signed free-agency shortstop Xander Bogaerts, who has always been a significant figure in MLB trades. The 30-year-old was signed by the organization to an 11-year, $280 million contract, bringing their 2023 MLB payroll to $25,454,545.
The Padres also signed free agents Seth Lugo ($7.5 million) and Matt Carpenter ($6.5 million), elevating them to third place in terms of payroll for the 2023 season.
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