The Los Angeles Dodgers didn’t just make Shohei Ohtani one of the highest-paid MLB players ever, they landed the two-way superstar on a 10-year contract that shatters American sports records.
Months before MLB free agency began, insiders projected Ohtani could land a contract in the range of $600-plus million. Even coming off elbow surgery, which will prevent him from pitching in 2024, MLB teams were ready to make Ohtani the richest player in baseball history.
Related: Los Angeles Dodgers sign Shohei Ohtani to record-breaking contract
While teams like the New York Yankees, New York Mets and Boston Red Sox had interest in Ohtani, it came down to a handful of teams. The Dodgers were in a bidding war with the San Francisco Giants, Seattle Mariners and Toronto Blue Jays, with the free-agency saga dragging through the MLB Winter Meetings.
On Saturday, Ohtani announced on Instagram that he was signing with the Dodgers. Minutes later, Jeff Passan of ESPN reported that Ohtani signed a 10-year, $700 million contract with Los Angeles.
While it’s not the longest contract in MLB history, the $70 million average annual salary is easily the largest ever in American sports. It rockets past Justin Verlander and Max Scherzer ($43.333 million), previously the highest-paid baseball players.
Interestingly, Ohtani structured his record-setting deal to be team-friendly. Most of the $700 million is deferred, meaning the Dodgers won’t pay it until after the contract expires following Ohtani’s age-39 season. It’s a move that will help lower the Dodgers’ luxury tax and team salary, allowing the front office to add even more talent to the roster.