Yankees, Juan Soto reach a record $31 million deal to avoid arbitration

The New York Yankees and their three-time Major League Baseball (MLB) All-Star outfielder Juan Soto have agreed on a one-year, $31 million deal for the 2024 season to avoid arbitration, the Athletic reported on Thursday.

Soto's salary number beat the previous record for that of an arbitration-eligible player kept by Shohei Ohtani ($30 million) with the Los Angeles Angels in 2023.

Of course, the one-year contract only allows the Yankees to keep Soto for one season after which he will become a free agent. Before he was traded to the San Diego Padres by the Washington Nationals in August 2022, he reportedly turned down an extension including $440 million guaranteed money offered by the Nationals.

The Athletic said that Soto may seek a contract of over $500 million this summer. He hit .275 at bats, an on-base percentage of .410 and a slugging percentage of .519 with 109 runs batted in and 35 homers in 162 games for the Padres last season. The Yankees traded pitchers Michael King, Randy Vasquez, Jhony Brito and catcher Kyle Higashioka for him in December 2023. The team has every reason to keep him.

The Yankees have also signed one-year contracts with another nine players to avoid arbitration, according to The Athletic. Despite that, they still don't have a competitive enough roster after missing the playoffs in 2023 with a 82-80 record. The team can use a major enhancement in starting pitcher.

Free agents like Marcus Stroman, Blake Snell, Jordan Montgomery and Gerrit Cole have all been connected with the Yankees. Montgomery played over five seasons for the Yankees between 2017 and 2022, but was traded to the St. Louis Cardinals in August 2022. He will not be very interested in returning to the team.