Juan Soto declines Yankees’ $21.05M offer, free agency market heats up
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Follow UsOn Tuesday morning, Juan Soto formally declined the Yankees’ $21.05 million qualifying offer, officially confirming his status as a free agent. The news was first reported by Jon Heyman of the New York Post.
The Yankees extended the one-year, $21.05 million offer as part of MLB’s offseason procedure, but Soto’s rejection was widely anticipated given his market value.
The qualifying offer, which serves as a mechanism to secure draft-pick compensation for departing free agents, ensures the Yankees will receive a compensatory draft pick in the 2025 MLB Draft if Juan Soto signs with another team. Due to the Yankees’ position above the luxury tax threshold, that pick would fall after the fourth round.
Yankees’ sole qualifying offer
Juan Soto was the only Yankees player to receive a qualifying offer this offseason. The team opted not to extend offers to other eligible players, such as Gleyber Torres, signaling that Soto remains the focal point of their offseason strategy.
Juan Soto, 25, is expected to command a long-term contract exceeding $600 million, making the one-year qualifying offer a procedural move rather than a realistic option. The decision officially sets the stage for a competitive free-agent market, with teams such as the Dodgers, Mets, Phillies, and Red Sox likely to pursue the superstar outfielder.
The Dodgers are reportedly meeting with Juan Soto this week, highlighting the intensity of the competition for his signature. As one of baseball’s top young talents, Soto’s availability is expected to spark a bidding war among several large-market teams.
What’s next for the Yankees?
The Yankees remain in contention to re-sign Juan Soto and are expected to aggressively pursue a long-term deal. Retaining Soto is seen as critical for the organization as they aim to bolster their roster following a disappointing 2024 season.
If Soto signs elsewhere, the Yankees’ compensatory draft pick would provide some return, though the late-round placement diminishes its immediate value. The team’s focus remains on securing Juan Soto’s services for the long term to anchor their lineup and solidify their championship aspirations.
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