NEW YORK — The New York Mets led the major leagues in spending for the third straight season in 2024 and have totaled $1.36 billion in payroll and luxury tax over four years under owner Steve Cohen, exceeding what the Marlins, Pirates and Rays each have spent on players in the past 21 seasons.
The Mets established a $333.3 million regular payroll record, according to figures finalized by Major League Baseball this week and obtained by The Associated Press. That topped the previous mark of $319.5 million set by the Mets in 2023, when they became the first team to exceed $300 million.
New York totaled $430.4 million last year in payroll and luxury tax ($97.1 million) to set a cost record. The Mets paid $420 million the year before, including a $100.8 million tax.
Since Cohen bought the team from the Fred Wilpon and Saul Katz families in November 2020, the Mets have totaled $1.13 billion in payroll and $228.7 million in tax. And that was even before he lavished a record $765 million, 15-year contract on outfielder Juan Soto that starts this season.
“One thing I’ve learned a long time ago, if you want something that’s amazing, it’s going to be uncomfortable,” Cohen said in December.
New York’s spending on major league players for 2021-24 was just above what the payrolls from 2004-24 totaled for the Marlins ($1.34 billion), Pirates ($1.32 billion) and Rays ($1.32 billion).
By comparison, Oakland has spent a low of $269 million over the past four seasons and Pittsburgh $271 million.
Total spending, based on regular payrolls, rose 1.8% to $5.158 billion from $5.065 billion last year and has increased 27.3% in three seasons under the current labor contract from $4.051 billion in 2021.
The Mets became the first team to lead in payrolls in three straight seasons since the Los Angeles Dodgers from 2014-17.
The Yankees were second among regular payrolls at a team record $310.9 million. The World Series champion Dodgers were third at $270.8 million and Philadelphia fourth at $249.1 million.
Ten teams topped $200 million, down from a record 11 in 2023. A record-low four teams were below $100 million, a decrease from six in 2023.
The Washington Nationals ranked in the bottom half of the league with a $130 million annual payroll. But that ranking falls even lower if you subtract the $23.6 million adjusted Stephen Strasburg salary that is still on the team’s books. The former ace last pitched in 2022.
Removing Strasburg from the payroll would have dropped the Nationals near the bottom of the league, just above the teams that failed to crack the $100 million benchmark.
Regular payrolls are based on 2024 salaries, earned bonuses and prorated shares of signing bonuses and non-cash compensation for 40-man rosters. Deferred salaries and bonus payments are discounted to present-day values, and termination pay, option buyouts and cash transactions among clubs are accounted for.
MLB calculated the average salary at $4,592,147, while the players’ association, using a slightly different methodology, pegged it at $4,655,366.
Luxury tax is based on payrolls with average annual values that include benefits and the pre-arbitration bonus pool.
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