The New York Yankees know they'd better not offer star outfielder Juan Soto chump change.
On Wednesday, the New York Post's Jon Heyman reported the Yankees increased their offer to the free agent earlier this week.
"The incumbent Yankees are making clear their resolve to try to retain their top target, but they also understand that the well-watched derby is only in the middle innings," wrote Heyman. "The situation remains fluid, and any of four or more other interested teams still have a chance to win the prize of the winter."
On Monday, Randy Miller of NJ Advance Media shared the New York Mets, Boston Red Sox, Los Angeles Dodgers and the Toronto Blue Jays have also made offers to Soto's camp last week.
Soto's asking price could be another concern for the Bronx Bombers. Spotrac estimates his market value is a 14-year deal worth $36.7M annually. Heyman added the 26-year-old prefers a 15-year contract.
According to Spotrac, the Yankees already have the third-highest payroll in baseball ($199.13M) and only have $41.86M in space. They'll be subject to taxes if they exceed the projected 2025 luxury-tax threshold ($241M).
However, exceeding that figure could be worthwhile if it helps them re-sign Soto.
In 2024, he and Yankees slugger Aaron Judge formed one of the most potent duos in baseball. In 157 regular-season games, he finished 16th in the major leagues in batting average (.288), third in OPS (.989), fourth in home runs (41) and tied for sixth in RBI (109).
In 14 postseason games, his batting average (.327) and OPS (1.101) improved, and he hit four dingers. His efforts helped the Yankees make their first World Series appearance since 2009. They'll likely need him to get back there.
New York raising the bar seems like the right choice. That could show the club values him and influence his decision.
