Juan Soto is on the brink of deciding where he’ll play next, but the bidding war for his services shows no signs of slowing down as the MLB Winter Meetings in Dallas approach. According to New York Post reporter Jon Heyman, both the New York Yankees and Mets have made record-breaking offers in the range of $710 million to $730 million, signaling just how much these teams are willing to invest in the 26-year-old superstar. Currently, the largest contract in MLB history belongs to Shohei Ohtani, who inked a largely deferred $700 million deal with the Los Angeles Dodgers last year.

The Mets, backed by billionaire owner Steve Cohen, are now able to go toe-to-toe financially with the Yankees, who have traditionally outspent them. However, the Mets’ spending power is somewhat tempered by the looming need to re-sign their own free-agent slugger, Pete Alonso, who is still available after hitting 34 home runs in 2024. This gives the Mets a complicated balancing act as they try to add Soto while keeping their roster intact.

Juan Soto is coming off a stellar 2024 season in which he hit 41 home runs, posted a .418 on-base percentage, and scored a league-leading 128 runs. These numbers, combined with his proven track record as one of the most elite hitters in baseball, make him one of the most coveted free agents in history. His agent, Scott Boras, set a Thanksgiving deadline for teams to submit initial offers, and sources indicate that Soto has already started narrowing down his options. It’s expected that Soto will make his final decision either before or during the Winter Meetings, which run from December 8-12.

Soto’s market value could exceed Ohtani’s $700 million deal, especially if his contract is structured differently. Ohtani’s deal includes substantial deferred payments, which lowers its current value under MLB’s luxury tax system. If Soto were to secure a deal worth $462 million or more without deferred payments, it would likely be the largest non-deferred contract in baseball history. Soto’s deal would top the $426.5 million that Mike Trout received from the Los Angeles Angels, making it one of the most lucrative contracts in all of sports.

At the Winter Meetings, Soto is expected to meet with teams including the Yankees, Mets, Los Angeles Dodgers, Boston Red Sox, and Toronto Blue Jays. While Soto is the main attraction, other notable free agents like Pete Alonso, Alex Bregman, and Christian Walker are also available, with the potential to further shake up the market. The Winter Meetings in Dallas’ Hilton Anatole hotel have been the site of major deals in the past, such as Alex Rodriguez’s record $252 million contract with the Texas Rangers in 2000, and Soto’s decision could set a new benchmark for MLB contracts.