Juan Soto has agreed to a record-breaking 15-year, $765 million contract with the New York Mets, marking the largest deal in MLB history. The announcement came on the eve of Major League Baseball's Winter Meetings.

The New York Yankees, Soto's former team, narrowly missed securing the star right fielder with their bid of $760 million over 16 years. Last season with the Yankees, Soto posted impressive stats: .288 batting average, 41 home runs, 109 RBIs, and a .989 OPS.

The Toronto Blue Jays, Los Angeles Dodgers, and Boston Red Sox were also in contention for the free agent. Mets owner Steve Cohen, who purchased the team in 2020 for $2.4 billion, had reportedly committed to outbidding any competing offers.

The contract includes features such as an opt-out clause, a signing bonus, and no deferred money. Cohen personally met with Soto in November at his California home, departing from the typical hotel meeting format. During their discussion, Cohen emphasized his long-term commitment to building a winning team and his view of team ownership as a civic duty.

The signing has significantly impacted MLB betting odds. BetMGM now lists the Mets as second favorites to win the World Series at +700, behind only the Dodgers (+350). The Atlanta Braves (+800), Yankees (+900), and Philadelphia Phillies (+1200) round out the top five.

For the Toronto Blue Jays, who finished last season with a 74-88 record in the AL East, this marks another significant free-agent disappointment following Shohei Ohtani's signing with the Dodgers. The team now faces contract negotiations with Vladimir Guerrero Jr. and Bo Bichette, whose values may be influenced by Soto's historic deal. The Blue Jays currently sit at +6600 odds to win the World Series.

Guerrero, who hit 30 home runs with a .323 batting average, 103 RBIs, and a .940 OPS last season, enters his final year of team control, making his contract situation a priority for the Blue Jays' front office.

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