The regular season hasn’t even drawn to a close yet, but there’s already ample anticipation regarding what a potential Juan Soto free agency will look like. The 26-year-old superstar will hit the market as the top free agent and one of the most coveted talents in the history of free agency. A bidding war between the Yankees and Mets is already widely expected, and big-money clubs like the Dodgers, Blue Jays and Giants have also been speculated as potential landing spots. Nary a major free agent goes by without Padres president of baseball operations A.J. Preller at least throwing his hat into the ring. Other clubs will surely be in the mix.
Among the other potential suitors, writes Jorge Castillo of ESPN, could be Soto’s original club. The Nationals “would love a reunion” with Soto, reports Castillo, though it’s not yet clear whether ownership will be willing to offer more than they did when Soto rejected a 15-year, $440MM extension. That decision floored many fans, but it’s proved prudent in the long run. That 15-year term would’ve included Soto’s final two arbitration seasons. He earned a combined $54MM in those two seasons anyhow. Soto need “only” top the remaining $386MM to come out ahead on the gambit, and it would be stunning if he fell short of that mark, given his age, track record and sensational platform season for free agency.
Could that offer still come from the Nationals? It’s impossible to know precisely where the Lerner family (who own the Nationals) lie in terms of their comfort level, but there’s reason to believe they could put forth an even larger offer than last time.
For one, the Nats were in the nascent stages of a rebuild when they made that original offer to Soto. Max Scherzer and Trea Turner had been traded to the Dodgers at the prior season’s deadline. The Nationals weren’t close to competing then but are exponentially closer to doing so now, thanks in no small part to the return they received from trading Soto in the first place. MacKenzie Gore has seized a rotation spot. CJ Abrams has solidified himself as their shortstop, second-half slump notwithstanding. Outfielder James Wood was ranked the top prospect in baseball when he debuted in July. Fellow outfielder Robert Hassell III and left-hander Jarlin Susana are still in the minors.
It also bears emphasizing that the Lerner family was exploring a potential sale of the team at the time. That process began early in 2022. Several potential ownership groups spoke to the current owners about the possibility, but two years later, managing principal owner Mark Lerner (the son of the late Ted Lerner, who passed away in 2023) publicly stated that his family is no longer looking to find a buyer. “We have determined, our family has determined, that we are not going to sell the team,” Lerner told the Washington Post in February.
That shift in long-term planning obviously carries ramifications with regard to how the Lerner family might allocate its resources. While putting forth a $400MM+ offer amid a potential sale process shows a clear willingness to spend, there were also presumably limits as to how much money ownership wanted to put on the long-term books. Any interested buyers would effectively be on the hook for paying out the remainder of that sum, after all — particularly since the offer reportedly did not contain any deferred money (a departure from their prior big-money contracts, which nearly all included deferrals).
Now, more than two years after that extension offer was made, the Nats are closer to contention and have a far cleaner payroll outlook. This is the final season of Patrick Corbin’s six-year contract. The only players guaranteed any money beyond the current year are Stephen Strasburg, whose career is over but who is still signed through 2026, and catcher Keibert Ruiz, whose relatively modest $50MM extension runs through 2030 and comes with a $6.25MM average annual value. Consider that at their peak in 2019, the Nationals finished the season with a hefty $205MM payroll, per Cot’s Contracts. The Nats can absolutely afford to make a competitive offer and build out a team around him and the rest of their emerging core.
On that note, while any team would move pieces around to make room for Soto in its outfield mix, that likely wouldn’t even be necessary for Washington. The Nats currently have Wood, defensive standout Jacob Young and top prospect Dylan Crews in the outfield. Young is an elite defender but carries just a .255/.315/.336 batting line on the season. He could easily be shifted to a fourth outfield role, or he could play center regularly while the trio of Wood, Crews and Soto rotated through the two corner spots and designated hitter. Getting at-bats for all of those names wouldn’t be particularly challenging.
On top of all that, the Nats themselves still know Soto as well as or better than any team in the game. The majority of the team’s key figures were all in place when they originally signed and developed Soto. Mike Rizzo has been the Nats’ president of baseball operations and general manager since being hired back in 2009, when Soto was 11 years old. The Lerner family has owned the Nats since the former Expos moved from Montreal to D.C. in 2006. Davey Martinez managed every game of Soto’s big league career before he was traded to the Padres. There are of course others in the organization, ranging from coaches to scouts to executives, who are holdovers from Soto’s days in D.C.
The broader question is likely one of whether Soto would want to return to a Nationals club that doesn’t have the look and feel of a present-day contender. He’d need to buy into the team’s farm system and the future and upside of players like Wood, Crews, Abrams, Gore, top prospect Brady House and others. His familiarity with Rizzo and particularly Martinez (with whom he’d interact on a daily basis) would certainly be a prominent factor, but Soto has also surely built rapport with key officials in both San Diego and the Bronx as well. Unless the Lerner family absolutely blew every other bidder out of the water, Soto going back to Washington would likely need to be at least somewhat based on nostalgia and fond memories of his original organization.
Still just 25 years old (26 in October), Soto is poised to land the largest contract ever signed by a position player — likely the largest contract in MLB history in terms of net present value. Shohei Ohtani’s 10-year, $700MM deal is the current benchmark, although given the colossal slate of deferrals on the deal, the contract’s net present value is nowhere close to that total sum; Ohtani’s deal comes with a $46MM luxury hit, and the MLBPA calculated the NPV to be $437.5MM.
Some might wonder whether Soto and agent Scott Boras would consider a similar deal, though Boras’ comments in the aftermath of that Ohtani deal suggest otherwise. Speaking with Ken Rosenthal and Evan Drellich of The Athletic, Boras suggested that the deflated NPV of Ohtani’s contract was generally underwhelming for a player of his caliber: “The market remains status quo. No average annual value at or above $44 million. Clear evidence of a strategic and managed effort.” Readers can form their own opinions on the merit of that stance, but it seems to be a clear indicator that Boras will be looking to set a more concrete new precedent in terms of present-day value when he takes his own unicorn free agent to the market this winter.
Soto is already a four-time All-Star, four-time Silver Slugger winner (he’ll win a fifth this season), a World Series champion and a Home Run Derby champion. He’s a lifetime .285/.421/.533 hitter in the majors, and he’s currently enjoying the best 162-game season of his career, on a rate basis. He’s slashed .289/.418/.580 with a career-high 39 home runs while walking in 18% of his plate appearances against just a 16.2% strikeout rate. He’s on track for a fifth straight season walking more often than he’s struck out.
By measure of Statcast, Soto ranks in the 94th percentile or better among all MLB players in terms of average exit velocity, hard-hit rate, barrel rate, bat speed, chase rate, expected batting average, expected slugging percentage, expected wOBA and walk rate. He’s ultra-durable, averaging 155 games per season from 2021-23, and will match or exceed that pace again in 2024, barring a late injury. Defense has been a knock on him in the past, but Soto has delivered the best defensive grades of his career this season. Statcast credits him with 97th percentile arm strength. He has below-average but not plodding speed, which does limit his range and restrict him to the outfield corners.
The Nats and other clubs know all this quite well, of course. Soto is due for a record-setting contract. Everyone expects as much. The incumbent Yankees figure to be viewed as the favorites, but competition will be steep, and there are plenty of reasons to think Soto’s original club could emerge as a genuine threat in the bidding war to come.