NEW YORK – Fifty games into their season, the Yankees and Juan Soto have been a wonderful match.
So, the idea of extending Soto before he reaches free agency this November will keep surfacing, and even Hal Steinbrenner mentioned the likelihood of a midyear conversation with agent Scott Boras.
“I think we’d like to see him here for the rest of his career,’’ Steinbrenner said last week on YES Network analyst Jack Curry’s Yankees podcast.
Speaking with reporters Wednesday, the Yankees owner said he “had no doubt’’ that Soto would embrace the New York stage and perform at a high level.
But at age 25, in the MVP discussion and with Boras as his rep, chances are high that Soto will explore the market where anything could happen – like a mega-offer from Mets owner Steve Cohen.
Hal: Yankees have money coming off the books
With a current $305.8 million payroll, according to Sportrac, Steinbrenner told reporters that “payrolls at levels we’re at right now are simply not sustainable for us financially.
“It wouldn’t be sustainable for the vast majority of owners given the luxury tax that we have to pay,’’ said Steinbrenner, who then offered a glimpse into 2025.
“We’ve got a considerable amount of money coming off’’ after this season. “We didn’t have a whole lot of money come off last offseason.’’
Brian Cashman on Juan Soto:'His personality fits the team, our fan base'
There’s a potential for the Yankees to shed roughly $106.8 million from their payroll entering this offseason, with losses to free agency and non-tenders.
Soto’s $31 million salary, topping Shohei Ohtani’s previous record for an arbitration eligible player, is included in the winter payroll purge.
In 2022, Soto turned down a 15-year, $440 million contract by the Washington Nationals ($29.33 million per) and was moved at the trade deadline to the San Diego Padres.
Soto’s next contract negotiations might only begin at $500 million.
Yankees likely off the 2025 payroll
Gleyber Torres, Alex Verdugo and Tommy Kahnle combine for $28.65 million worth of 2024 payroll.
All three are primed to move on as free agents.
Oswald Peraza and/or Oswaldo Cabrera could replace Torres at second base, or the Yankees could find another inexpensive option to bolster their infield.
Verdugo has adapted well in the Bronx, with a valuable lefty bat and Gold Glove-caliber defense in left field.
But the Yankees need room to play Jasson Dominguez, and Spencer Jones isn’t too far down the road.
That makes outfielder Trent Grisham, playing a lot less than anticipated this year, a non-tender candidate with his current $5.5 million salary.
Currently sidelined reliever Lou Trivino ($1.5 million) has a $5 million club option for 2025 that’s unlikely to be triggered.
The combined $1.5 million paid to reliever Dennis Santana and infielder Jahmai Jones could be freed, and the Yankees will also be rid of Josh Donaldson’s contract (they paid a $6 million buyout this year).
What's not yet off the books? The roughly $9 million still owed to Aaron Hicks through 2025.
Yankees possibly off the 2025 payroll
Anthony Rizzo has a 2025 club option for $17 million, and a $6 million buyout.
Given those figures and his clubhouse popularity, perhaps Rizzo and the Yankees redo that contract this winter, assuming the first baseman is coming off a healthy and productive 2024.
Earning $6 million in 2024, closer Clay Holmes is in his free agent walk year, and the Yankees are keener on developing and trading for relievers than paying big salaries.
Luke Weaver has a 2025 club option for $2.5 million, and he’s been a valuable multi-inning reliever, making that a palatable figure.
But lefty Caleb Ferguson ($2.4 million) could depart as a free agent, and utility infielder Jon Berti ($3.5 million) will be an interesting call in his final arbitration year.
