Highest-Paid MLB Players in 2024 - Baseball Contract Analysis

New Los Angeles Dodgers superstar Shohei Ohtani completely dismantled the market for years to come (and rightfully so) with the enormous contract he signed this past offseason. That got us thinking: which other MLB players are rolling in the dough?

Factors like deferred money, performance incentives, options, and buyouts can impact how players receive money throughout their contract, as well as how much money they earn every year.

Today, we take a look at the 12 highest-paid players for the 2024 MLB season.

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No. 10 (Tie) — Stephen Strasburg, $35 Million

Strasburg was expected to retire last year, but that never happened. Instead, he has remained with the team this spring, providing a veteran presence while he and the team explore next steps, including a potential retirement settlement or placement on the 60-day injured list.

If Strasburg lands on the injured list, he'll still be owed the full salary he and the Nationals agreed upon. However, per the terms of his contract, he'd only earn $23.5 million this year with the remaining $11.5 million deferred to 2027, 2028, and 2029. All seven years of his contract included deferred money, in fact.

Another decision day for Stephen Strasburg and the Washington Nationals is due tomorrow at noon:

1. Do they agree on a retirement package?

-or-

2. Does Strasburg move back to the 60-day IL?

“We’re having conversations with him. I think it’s going to end up where we want it… pic.twitter.com/tLz4XyAPb8

— Talk Nats (@TalkNats) March 27, 2024

No. 10 (Tie) — Nolan Arenado, $35 Million

Arenado is halfway through the eight-year, $260 million extension he signed back in Colorado. The third baseman provides St. Louis with an exceptional player who has great skills in the field and at the plate. He's averaging 4.6 fWAR over the last three years and will always be a threat for All-Star and MVP consideration.

Arenado is earning $35 million this year, but part of that figure is deferred and will be paid out on July 1 from 2032 through 2041. Starting next year, Arenado's annual salary will decline, dropping all the way down to the $15 million mark in 2027, his final season before free agency.

No. 10 (Tie) — Corey Seager, $35 Million

Seager parlayed a strong Dodgers tenure into a 10-year, $325 million contract with the Rangers. He helped them blossom into one of MLB's best teams and, of course, 2023 World Series champions. A star at the hot corner, Seager has produced positive fWAR on both offense and defense for each of the last five years.

Seager's contract is relatively straightforward with no deferred money and no options. With that said, he does have a limited no-trade clause. Furthermore, his salary fluctuates; starting next year, his annual luxury tax salary drops to $32.5 million.

No. 9 — Patrick Corbin, $35.4 Million

Between Strasburg and Corbin, the Nationals have a lot of money tied up to pitchers who haven't lived up to the hype. Corbin has started at least 31 games in each of the last three years, but he also averaged a 5.75 ERA during that span. He keeps walks under control but doesn't miss many bats.

Corbin will fetch $35.4 million this year, but the Nationals can escape his disappointing contract soon. Corbin will hit free agency next winter and, depending on how he fares in 2024, could be forced to settle for a minor league or one-year deal. That would be quite the fall from grace for the 34-year-old southpaw.

No. 8 — Gerrit Cole, $36 Million

Whereas Corbin hasn't met expectations, Cole continues to be worth every penny. He owns an impressive 2.99 xFIP in six years since leaving the Pirates and earned his first Cy Young Award with the Yankees in 2023. With that said, Cole injured his elbow during spring training and could land on the 60-day injured list.

Cole's Yankees contract is relatively straightforward and pays him $36 million per year. However, he is entering a pivotal season, given that he can choose to opt out next winter. If he exercises his player option, Cole will be able to hit free agency, forfeiting $144 million from 2025 through 2028. However, the Yankees can override that decision by adding a fifth year at $36 million, which would keep him in New York for a total of $180 million from 2025 through 2029.

Brian Cashman on if Gerrit Cole will go on the 60 day IL:

"If we need it, he will. It's not necessary unless we need the spot. He will be a choice for that. He's going to miss that time, regardless. If we need it, that would be one lane."

— Chris Kirschner (@ChrisKirschner) March 16, 2024

No. 7 — Mike Trout, $37.1 Million

The Angels essentially handed Trout a blank check back in 2019, signing him to a 12-year, $426.5 million extension. He'll continue to make $37.1 million per year through 2030 while simultaneously having the chance to cash in on several incentives tied to All-Star selections and end-of-season awards.

Trout has missed an average of 83 games over his last three seasons, which means he's played in less than half of the Angels' games during that span. It's hard to scoff at Trout's contract given that we've seen just how elite he can be when healthy. However, having him available for at least 150 games is imperative.

No. 6 — Anthony Rendon, $38.6 Million

Speaking of injured Angels making big money, let's check in on Rendon. The former No. 6 pick hasn't played in more than 60 games since 2019 when he was still under contract with the Nationals. He has also failed to meet expectations when healthy, averaging -4.2 dWAR and -6.5 oWAR over a 162-game pace through the last three seasons.

The Angels still have to deal with Rendon's hefty price tag for a little while longer. He'll fetch nearly $116 million over the next three seasons before hitting free agency. You can't help but wonder whether the Angels could have afforded Ohtani if they didn't have Rendon on the books.

It sure looks like Anthony Rendon is gonna open the season as the Angels' leadoff hitter. If he has *anything* left, he might matter in deeper leagues (still had a very good OBP last season, FWIW)

— Chris Towers is the Riley Greene Preservation Soc (@CTowersCBS) March 25, 2024

No. 4 (Tie) — Aaron Judge, $40 Million

Judge had a lucrative free agency two years ago but ultimately returned to the Yankees on a nine-year, $360 million deal. It's an incredibly simple contract as the superstar slugger is making a clean $40 million in each of the nine years. He also has a full no-trade clause.

Judge's contract was the largest in MLB history at the time of his signing, and he was also the highest-paid position player (per-year basis) at the time. Those are justified accolades for the 31-year-old who has maintained a .657 slugging percentage and 16.8 fWAR over his last two seasons.

No. 4 (Tie) — Jacob deGrom, $40 Million

Just a few months after signing his five-year, $185 million deal with the Rangers, deGrom tore his UCL and was shut down for the rest of the 2023 season, including the postseason. He flashed brilliance when healthy, though, amassing 13.35 K/9, 1.19 BB/9, and a 1.54 FIP over six starts with the Rangers in 2023.

deGrom's contract includes incentives and options, but the general idea is that he'll make close to $40 million per year until his contract expires. He also has a club option for 2028 that starts at $20 million but can jump as high as $37 million if he throws enough (725 innings or three top-five Cy Young finishes).

No. 3 — Justin Verlander, $43.3 Million

The Mets lured Verlander away from the Astros with a two-year, $86.6 million deal but traded him to Houston months later. The future Hall of Famer remains dominant heading into his age-41 season, posting a spectacular 2.45 ERA and 9.3 fWAR over the last two years.

Verlander is presumably evaluating his career on a year-by-year basis, so nobody would be surprised if he decides to retire next winter. However, there's a chance his contract could be extended one more year. Verlander has a 2025 option worth $35 million that vests if he throws 140 innings in 2024.

Justin Verlander throwing a live bullpen at Minute Maid Park right now pic.twitter.com/JMx73C2VFQ

— Ari Alexander (@AriA1exander) March 26, 2024

No. 2 — Max Scherzer, $43.3 Million

A mere dollar (yes, $1) separates Scherzer's and Verlander's 2024 salaries. The former was also moved by the Mets at last year's trade deadline as they shipped him to the Rangers. Scherzer is in the late stage of his career at 39 years old, but he impressed last season with 10.26 K/9, 2.65 BB/9, and a 3.28 xERA.

Scherzer, a Scott Boras client, has one year left under contract before he hits free agency. With a Hall of Fame career under his belt and $384.6 million in lifetime earnings, don't be surprised if Scherzer opts to retire next winter.

No. 1 — Shohei Ohtani, $70 Million

Ohtani completely redefined free agency last offseason, fetching a 10-year, $700 million deal from the Dodgers. That doesn't mean future free agents will land bigger contracts, though. Ohtani is in a class of his own because of his elite two-way skills and marketability.

It should be noted that Ohtani isn't fetching all $70 million from the Dodgers this year. In fact, he'll receive just $2 million per year for the duration of his contract with the remaining $680 million deferred. That sum will be divided by 10 and disbursed as $68 million payments on every July 1 from 2034 through 2043.

In 2034, we will all be traveling in autonomous flying cars with microchips planted in our brains ... and #Dodgers will pay $92.85m in deferred money to Ohtani, Betts, Freeman, Smith and Teoscar Hernandez

— Bill Plunkett (@billplunkettocr) March 27, 2024

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