Jon Heyman of MLB Network reported official details on the contract:
ESPN.com's Jeff Passan first reported Feb. 19 that San Diego and Machado agreed to "the biggest free-agent contract in the history of American sports."
Machado's deal reportedly features an opt-out provision after the fifth year, per Yahoo Sports' Tim Brown.
Chicago White Sox executive vice president Kenny Williams said he believed his club was in the driver's seat for Machado following an extensive bidding war.
"I'm wearing my shades so you can't see the shock in my eyes," Williams told reporters Tuesday, according to The Athletic's James Fegan.
However, Williams noted the White Sox didn't offer compensation that touched the historic $300 million price tag.
"That level wasn't feasible to us because we still have to project putting together a total winning roster and keeping the young players that will ultimately earn into greater dollars themselves," he added, per MLB.com's Scott Merkin.
Citing sources, The Athletic's Ken Rosenthal reported the White Sox offered Machado $250 million over eight years, but the deal could have soared "well north" of $300 million with incentives and vesting options.
Machado arrived in L.A. prior to the 2018 trade deadline after spending the first six-and-a-half seasons of his career with the Baltimore Orioles. During his stay in Southern California, Machado took over for the injured Corey Seager at shortstop and hit .273/.338/.487 with 13 home runs and 42 RBI.
By season's end, the 26-year-old piled up 37 homers and 107 RBI while hitting a career-high .297.
Despite the big numbers, Machado was never considered likely to make Los Angeles his long-term home. The Dodgers already had Seager in the fold on an entry-level contract, and their payroll was the third-highest among all clubs last season at $199.6 million.
Add a nine-figure salary to the ledger, and that number would have skyrocketed.
As a result, the four-time All-Star pursued new opportunities and landed with the Padres on a deal that will make him a crucial component of their pennant chase in the coming years.
And based on Machado's track record, he should have a positive effect upon arrival.
Additionally, the two-time Gold Glove winner has proved to be one of Major League Baseball's rangiest hot corner patrolmen. Although he primarily played shortstop with the Dodgers, Machado has always been best suited as a third baseman because of his quick reflexes and huge arm.
The Padres still have plenty of work to do, of course, but bagging Machado over other big-market competitors like the New York Yankees and Philadelphia Phillies is a major coup for the up-and-coming NL West club.
What's more, the Padres may soon have one of the most talented infields in all of baseball with Fernando Tatis Jr., currently listed as MLB.com's No. 2-ranked prospect, due for his major league debut in the near future.
Machado will have to be patient as the Padres work their way into the pennant race over the next few years, but the payoff could be substantial if San Diego's rebuild goes according to plan.
Stats courtesy of FanGraphs.com.