Steve Cohen: Mets 'Blew Through' Payroll Projections After $765M Juan Soto Contract

New York Mets owner Steve Cohen wasn't planning on spending as much on the 2025 roster as he has.

Speaking to The Athletic's Tim Britton, Cohen explained he "blew through" the original payroll projections in part because free agency proved more expensive than he thought it would be.

"I’ve always wanted to be a little more measured in payroll growth, and then we get there and it’s never quite there," Cohen said. "Free agency is a lot more expensive than even you plan for that year."

Of course, few people expected when the offseason began that Juan Soto would sign a 15-year, $765 million contract that became the richest deal in North American pro sports history.

There was no doubt that Soto would receive one of the most lucrative deals ever, but the bidding got to the point that the Mets had to go above and beyond to land the 26-year-old superstar.

Soto made up the bulk of New York's offseason activity, though the team was also able to bring back Pete Alonso on a two-year, $54 million contract.

Per Spotrac, the Mets have the highest payroll in MLB this season at $321.7 million. They are roughly $80 million over the competitive balance tax, which Britton noted will cost about $75 million in tax payments if they don't make any further additions.

After Cohen's previous spending excursion in 2023 failed when Justin Verlander and Max Scherzer struggled to make an impact because of injuries, the Mets made a point of saying they wanted to take a step back in order to build their farm system before dipping back into the free-agent waters.

The plan was accelerated after the Mets made a surprise run to the NLCS last season. It doesn't hurt that Soto, despite the big contract, is only 26 years old and could continue be the best hitter in baseball for at least the next decade.

Cohen, to his credit, is an owner willing to spend for star players when he senses the opportunity to win. The Mets still have areas of concern going into 2025, but the addition of Soto to a lineup with Alonso, Francisco Lindor and Mark Vientos should score plenty of runs.